Midlands Property Market Stablises

The UK office market is now showing signs of stability after the traumas of the past few years as rents and incentives stabilise. That is the view of Jones Lang LaSalle in its research into 165 office centres throughout the UK. There are a number of towns and cities where rents are now rising, such as Derby and Newcastle-under-Lyme, due to an addition of new quality offices.

The research also shows that in a number of major regional cities (it mentions Manchester, Liverpool and Leeds) “rental levels have remained unchanged since March 2009.”JLL’s Angus Currie said: “Supply of prime offices is tightening in certain core markets with rents and incentives firming up as a result. With little development likely to come through in the short to medium term, we anticipate that this trend will continue as the availability of quality and better located space decreases. Our advice to occupiers in many markets is to act sooner rather than later to secure space on preferential terms and to deliver tangible benefits to the bottom line.” This message certainly applies in the Midlands, particularly in Birmingham, and should be widely appreciated.

In Nottingham, Savills notes “a marked increase in local confidence, particularly in the restaurant and leisure sectors. The number of companies looking to establish themselves within Nottingham and the surrounding areas has once again started to increase.” In this case, Savills quotes the example of the letting of the former Scruffy’s Restaurant in the Lace Market within 24 hours of receiving the instruction.

The agent says that “the Lace Market and Hockley are enjoying a revival.” While this may apply to leisure it also illustrates the growing appeal of Nottingham as a business location. The overall improvement in Nottingham is also shown by the completion of a £3.5 million Biomedical Research Unit at Nottingham University Queens Medical Centre. It was developed by Simons Group, a privately owned property solutions business established in 1944.

The Midlands Commercial Property Register

The Midlands Commercial Property Register is a leading UK business property publication from Martin Austen Publishing. The aim of the publication is to offer a simple and effective means of finding Offices Space, Serviced Offices and Commercial Property in the Midlands . You can also find the latest commercial property news for the Midlands.