Record year for Fenn Wright Commercial
Despite the economic and business uncertainty, the commercial property market in Essex and Suffolk has remained very robust with good levels of demand across most sectors from owner/occupiers, investors and tenants.
During 2016 Fenn Wright sold, let or acquired 192 properties, compared with 156 in 2015 and representing a 25% increase. This equated to a total of 917,864 sq ft of accommodation, a 10% increase on the year before. The combined sale price of all properties sold over the 12 month period was £36,990,000 and the combined rent of all properties leased amounted to £2,977,505 per annum.
Alistair Mitchell, Partner at Fenn Wright’s Ipswich office, commented: “Notwithstanding the shock events of last year, the local commercial market has remained remarkably resilient. With President Trump now in situ and Article 50 due to be triggered next month, the national economy and wider UK property market may be in for some interesting times. But from a local perspective, 2017 has started well with no apparent reduction in the level of enquiries and demand for commercial property”.
Should you be thinking of selling or letting your property Fenn Wright’s commercial agency team will be pleased to help.