As a practice we GJS Dillon have had the busiest April, May and June across all four departments since the firm began 9 years ago and this trend looks like it will continue, at least in the short term! Our Commercial Agency Team has sold or let 23 more properties across Worcestershire in Q2 this year than the same time last year and our Valuation and Building Surveying teams are up 23% on new instructions. At the end of February and during March this year our Agency Team experienced a very definite pause and “wait and see attitude” as we ebbed closer to the anticipated Brexit date, at the end of March, but once it was evident to everybody that Brexit was still some way off, enquiry levels shot up.
The problem that we now encounter is that once again, we have too many companies chasing too few Commercial Properties on the market in the County and this is forcing prices up to record levels. Those considering selling I feel have a short window of opportunity over the next 3 or 4 months to capitalise on a rising Commercial Property Market with plenty of purchasers who have easy access to finance and / or cash before an eventual exit from Europe or a General Election (or both).
As history shows us, an adjustment in any market is not always a bad thing however, those business owners who are considering selling their premises at some point over the next 3 to 4 years should seriously consider capitalising on current market conditions by releasing equity now, which doesn’t have to mean that the business needs to move out of the premises because their is now an army of local investors who are keen to buy Commercial Property in Worcestershire on a sale and leaseback basis. This can often be a great win, win situation but please do not leave it too late!
Food for thought, I hope?
Business as usual in the Worcestershire Commercial Property Market (for Now) despite the B Word!With offices in Worcester, Droitwich and Bromsgrove, GJS Dillon is the largest Commercial Property Consultancy headquartered in Worcestershire. It offers a comprehensive Commercial Property Service, including Commercial Agency, Acquisition and Business Relocation, Commercial Property Management, Asset Management, Valuation and Building Consultancy and unrivalled geographic coverage , throughout Worcestershire and along the M5 and A38 corridors.