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Promising signs for the commercial property market

Michelle Mills is a senior surveyor with Lutterworth-based commercial property management and chartered surveying firm Wells McFarlane.

Michelle Mills is a senior surveyor with Lutterworth-based commercial property management and chartered surveying firm Wells McFarlane.

Key indicators of the improving commercial property market in the Harborough district are on the rise as we move into the second month of 2014, says an expert in the sector.

Annual review data provided by senior surveyor Michelle Mills of commercial property management and chartered surveying firm Wells McFarlane demonstrate that 2013 saw office and industrial supply and take-up steadily improve as the year progressed.

Michelle said: “We let and sold over 122,000sq ft of office and industrial space in 2013 in just over 50 individual transactions.

“At the start of January 2014, a further 37,000 sq ft was in solicitors’ hands for imminent completion.”

She said the average transaction size has been on properties of between 1,500 and 3,000 sq ft, which reflects the size of properties forming the district’s basic stock.

Throughout 2013, Wells McFarlane, based in Lutterworth, witnessed a strong demand from small to medium-sized businesses.

“This is encouraging news, as confidence within this sector of the market is further evidence that an improving economy is enhancing business activity,” Michelle said.

Having seen two consecutive quarters of economic growth at the start of 2013, it represents the strongest period of growth since 2010.

Michelle added: “The region’s economy is officially on the up and can no longer be accused of stagnating.

“The strengthening occupier market is also beginning to feed through to rental growth.

“After such a busy year, a lack of stock is now the greatest challenge and property owners are urged to consider if they are happy with their current letting agents. Is it time for a change or for the instruction of a joint agent?”

The company recently negotiated the lease of two properties with the Joules Clothing firm in Harborough.

The two properties at The Point in Harborough are on the same site as Joules’ headquarters and give the clothing company further office space for its expanding business.

Wells McFarlane’s annual report follows anecdotal evidence from several Harborough estate agents who say the property market is surging in the first months of 2014.

Last week Connells said activity in the market was buoyant and reported 30 per cent more buyers registering interest in purchasing a property.

For more information about the Wells McFarlane, see its website at www.wellsmcfarlane.co.uk.

Story by Alex Blackwell

Follow Alex on Twitter, @BlackwellHarb.

 

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