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.