Thursday, 24 June 2021

Poll of estate agents and surveyors reveals commercial property trends

Poll of estate agents and surveyors reveals commercial property trends

HENLEY law firm THP Solicitors has polled more than 100 surveyors and estate agents to get their insights into current commercial property trends.

The results showed they felt the decline in high street shopping and the rise in
e-commerce and working-from-home culture would be the biggest influential factors on the local property market in the next five years.

With footfall across high streets decreasing even before the pandemic, and
e-retail increasing dramatically in turn, this is no great surprise.

And with flexible working becoming the norm, a mass exodus of people from the cities to desirable towns like Henley is under way.

Industrial distribution/
logistic units were the property type in most demand, with 75 per cent of the votes. Next came flexi-space/ serviced office and out-of-town office space.

Retail units and hospitality venues were in least demand. The most popular request of tenants of landlords was rent payments on a monthly rather than quarterly basis (64 per cent) to help with cash flow. Any agreement to vary existing terms should be very carefully considered and concessions, time limits, interest payments and mechanisms for ending the agreement documented. The survey showed 45 per cent of property owners/investors were considering converting commercial space to residential or selling off part of their property portfolio. Permitted development rights, which allow offices to be converted to residential use, has led to a significant amount of conversion activity, even pre-pandemic.

For the full survey results, or if you are an investor, landlord, tenant, or developer and would like legal advice on a commercial property matter, please email Frances Watts at THP Solicitors on frances@thpsolicitors.co.uk or call (01491) 570 900. For more information about THP Solicitors, visit https://thpsolicitors.co.uk/

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