4th February, 2021
Exceptionally busy January in the Industrial sectorThe South West Industrial market is well placed for 2021, after resilient demand amid difficult and uncertain conditions last year.
Our Commercial Agency team have experienced an exceptionally busy January with the primary focus having been on the Industrial sector. With active requirements for both large and small units focussed along the A30 corridor from Blue Chip companies and local businesses alike on both leasehold and freehold basis, we are working hard to fulfil the pent up demand of the past 12 months with limited stock available.
Commercial Agency Surveyor Thomas Hewitt said, “The continued lack of supply of good quality, modern industrial space has driven rents on and we are seeing this reflected in increased freehold prices too.
Requirement levels are still strong which bodes well for the coming year despite the restrictions. Although the bulk of activity is at the sub 3,000 sq ft end of the market we have seen a significant increase is requirements above 10,000 sq ft from both national logistic companies and local companies who have seen exponential growth during 2020 as demand for online shopping jumped, reacting to lockdowns and limited access to high street shops."
The first working day of the year saw 24,000 sq ft of strategically placed industrial premises placed under offer with the momentum continuing as a variety of industrial sales and lettings have been agreed throughout the county.
Cornwall in particular has a relative shortage of ‘good quality, modern, fit for purpose’ industrial units. As experienced at the A30 Business Park, Indian Queens, the majority of lettings were concluded prior to the completion of the units. We are also seeing an increase in demand for older stock in locations away from the A30 particularly in Falmouth, St Austell and Newquay whilst both South and North Devon remain in demand.
Our team is also working with developers, advising them on various projects in the pipeline, which are due to be delivered during 2021/2022 to help ease the bottle neck.
If you are the owner of industrial premises and are considering selling or renting it, our experienced team would be delighted to discuss how we can assist you obtain the best price and terms possible for your property.
If you are a business looking to buy or lease industrial premises please contact our commercial agency team on 01872 247035 to discuss our available stock and future availability.
Miller Commercial’s far reaching connections with business owners, investors and developers alike throughout Cornwall and the wider south west has seen us recognized by both the Estates Gazette, the UK’s leading commercial property journal, and Costar, the market leading property data analysts, as the most active commercial agent in Cornwall in 2020 for the tenth year running.
Thomas Hewitt can be contacted direct on 01872 247025 / 07584 027 142 or email firstname.lastname@example.org
About Miller Commercial
As Chartered Surveyors and Business Property Specialists, Miller Commercial offer market leading services across Cornwall, the wider South West and the UK as a whole. Clients are attracted by our breadth of experience, depth of knowledge, and the sheer number of transactions we successfully conclude.