Pictured above: Kevin Benson
Increasing numbers of enquiries for commercial property have
been received for the beginning of 2011 with enquiries extending
beyond Nottinghamshire's more traditional property areas.
Fisher German in Retford have received a high level of enquiries
from the retail sector requiring over 21,000 sq ft of floor space.
Traditionally the area has been influenced by industrial,
warehousing and service type occupier enquiries.
This increase has resulted in several offers being received for
retail units with the discounts requested from potential occupiers
falling. This indicates that rising demand is leading to some
stabilisation of the long rent free periods and heavily
incentivised rents that have been seen in recent months.
Whilst landlords are still prepared to offer incentives, this
cautious note of optimism will be good news especially as empty
property business rates relief will be ending in March this
year.
Kevin Benson of Fisher German comments "This does not
necessarily constitute a return to normal market conditions but it
certainly demonstrates that those retailers who have put off
expansion into new towns or looking to start new businesses have
started to make themselves known.
"With relatively high inflation, potential interest rate
increases and general austerity measures expected to bite during
the course of the year it is easy to understand why commentators
are predicting that the market will remain poor for the foreseeable
future.
"A recent survey by Estates Gazette and BNP Paribas showed an
overwhelming majority of chartered surveyors questioned about the
commercial property market thought that the market was going to get
worse before it got better.
"What has been encouraging is the number of new businesses
looking to start up, something that was noticeably missing from the
majority of 2009 and 2010. Whilst it's clear that the market will
remain difficult, these small signs of increased activity will give
some hope to beleaguered landlords. For tenants it's clear
that there still ample opportunities to secure commercial property
on very favorable terms".
For further information contact Kevin Benson on 01777 719148 or
email kevin.benson@fishergerman.co.uk
For more information about Fisher German, please visit their
website here: www.fishergerman.co.uk