Peter Martin, Associate Director, Agency and Development at CBRE Bristol, commenting on the Chancellor’s Budget:
“Any changes to income tax that puts more money in the pockets of hardworking Brits is good news for the wider economy, and retailers in particular are set to benefit. Thanks to growing confidence among shoppers, we expect to see improved spending power across the country, with activity likely to increase further.
“But it’s not just traditional retailers that will benefit. Investment in warehouses, logistics and distribution centres has grown 60% over the last year culminating in £2.9bn of investment in 2014 partly thanks to the growth in online retailing. With more money to spend online, demand for this type of commercial space will continue to grow.
“It’s also welcome news for businesses across the UK that the Chancellor is pledging to increase investment available to UK regions through new enterprise zones and improved transport links.
“The benefits to regional economies should stimulate a new wave of economic growth that will capitalise on rising business confidence. Our research shows that office space demand from SMEs in Britain’s cities outside of London has reached the highest level since the start of the economic downturn, up 15% year on year. This announcement could bring local and regional economic acceleration.”
