It will come as no surprise that 2012 has been a challenging year in the commercial property sector. However, it has also been very rewarding, providing plenty of opportunities for those prepared to adapt to new trends and market conditions.
Expert comment on the latest local property news for Essex and Suffolk.
With headlines and new-to-market information for those interested in residential and commercial property, and rural and investment land in the local area.
Cultural change coming to rentals market?
The strength of the rentals market has been undiminished throughout 2012, with Fenn Wright seeing a 15% increase in the number of managed properties compared with the same time last year resulting from lettings generated by the teams in Colchester, Ipswich and Chelmsford.
No flies on Fenn Wright Fisheries department
Martin Freeman, Fenn Wright Partner and Head of the Fisheries department, widely regarded as the foremost specialist agency of its type in the country, says 2012 has been the busiest year in the department’s history.
Commercial property review of the year
Chelmsford has seen more activity generally than in 2011/12 with a greater number of smaller agency transactions particularly in the retail and industrial sectors. The office sector remains difficult with a large volume of secondary space overhanging the market. However, the year has seen a further erosion in the stock of prime office space and there are indications that developers and investors anticipate an upturn in rental values having regard to the lack of supply of new offices, Chelmsford’s location close to the M25 and the award of City status in the Summer.