Published: 06/08/2024 By Ryan Holmes
At a national level, RICS UK Commercial Property Monitor results show tentative signs that the market is shifting towards a recovery phase. At a local level, our agents concur, reporting that whilst the commercial property market was slower during 2023 than in the preceding years, 2024 appears more optimistic.Confidence in 2023 was adversely affected by higher inflation and successive increases in the Bank of England Base Rate; however, these generally appear to be behind us in 2024. Nonetheless, rental and capital values in the retail and office sectors are typically lower than in 2021 and 2022 as prospective commercial tenants, investors, and purchasers in these sectors are still cautious.
The start of 2024 has brought an upturn in enquiries, and investor confidence is on the rise. Particularly exciting are the opportunities in the industrial, warehouse, and light industrial submarkets. We are also seeing promising activity within the retail sector as retailers who are still in the game are finding the best positions. This should spark excitement in potential investors and tenants about the potential for profitable investments in these sectors.
A lack of supply in the industrial sector has generally helped rental values, with occupier demand remaining relatively strong. As always, within the retail sector, there are localised pockets of “hot” property, but in general terms, the supply of retail and office property generally outstrips demand, leading to rents and capital values being somewhat flat.
We have seen considerable growth in property management as a firm. We oversee an increasing portfolio of residential estates, flats, and developments, industrial and business parks, and mixed-use premises across the south and west of the country.
For further details of the full range of commercial services Symonds & Sampson can offer, please contact Ryan Holmes in our Dorchester Office at 01305 261008. Alternatively to view our commercial properties to rent please click here, or to view our commercial properties available to buy, please click here. Meanwhile, we invite you to visit our stand at the forthcoming Melplash, Gillingham & Shaftsbury, and Dorset County Shows this summer. Find the event details here.
