So far Brexit is not having a negative effect in the Worcestershire commercial property market, according to one of the county’s leading commercial property agents.
John Dillon, Managing Director at commercial property consultancy GJS Dillon Limited says that despite the national property press talking about uncertainties with commercial property funds this has absolutely no bearing on the regional commercial property market which deals principally with commercial property for owner occupiers.
He says: “Rather than the gloom and doom for commercial property being written about recently in the national press, the Brexit decision is actually helping the local market for three key reasons:
1. There is likely to be an interest rate cut making borrowing even cheaper
2. Banks are still willing to lend to acquire business premises for owner occupier businesses
3. There is still a shortage of good quality offices and industrial space in the county with demand far in excess of supply.
“In short, there has never been a better time to buy or, particularly, to sell business premises in the county, however the national property press is scaremongering and is more preoccupied with the London investor who has purchased shares in commercial property funds where they have in effect purchased a part share in something like the Shard or another London office block which, guess what, is really affected by the Brexit vote. This is not the same as the local manufacturing business, warehouse occupier or office user who is expanding and who has been looking for the right commercial premises to move into and buy for the last 6 months in the Worcestershire area!”
