Sales of Worcestershire offices outperformed lettings in the first three months of 2018, underlining the continuing high demand for freehold office buildings throughout the county, according to one of the county’s leading commercial property agents.
More than 36,000 sq ft of office space was sold in Worcestershire in the first quarter of this year (2018), while only 27,000 sq ft was leased, according to John Dillon, Managing Director of Worcestershire commercial property consultancy and Chartered Surveyors GJS Dillon.
“There is usually not enough freehold office space for sale, so that it can outstrip lettings, as business owners and directors remain very keen to purchase their own office building, but on this occasion one larger transaction added to the freehold figures,” explains Mr Dillon.
“Any freehold office we put onto the market at present generally attracts a high degree of interest and multiple offers. Continuing low interest rates, the willingness of the banks to lend to acquire property, and the tax advantages of acquiring business premises through Self-Administered Pension Schemes mean that this strong desire for freehold offices is likely to remain unabated for the foreseeable future,” says Mr Dillon.
“It is a good time for owners to consider selling and we would welcome the opportunity to advise more landlords. But this situation also means that businesses looking for freehold premises are having to spend more time and money searching, and if they do identify a suitable building they often miss out.
“Businesses cannot just look on-line, as by the time a property appears, it could already be too late. We encourage anybody looking for office premises in Worcestershire to register their needs with us, then they will be at the front of the queue when we put a new building on the market.