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2014 has started where 2013 left off with strong economic data giving rise to renewed optimism about the UK economy. This is having a positive impact on property values. Tenants are becoming more confident about committing to space which is putting upward pressure on rents and importantly this is no longer confined to London and South East.
Although it is anticipated that London should deliver strong returns in the short term, there is an argument that the most interesting opportunities may lie away from the capital. As the recovery becomes more broad based, we expect investor attention to high yielding opportunities in regional office and industrial markets.
More broadly technology is changing where and how we do business. New technologies will continue to challenge the way we work and the way we occupy property. This will create opportunities as well as challenges.
The retail sector has been a high profile casualty of changing technology and lifestyle trends. We remain cautious of the prospects of weaker high streets and shopping centres which will struggle to compete with online channels. However, the retail sector is dynamic and it’s constantly evolving.
Elsewhere it is clear that technology is having a positive impact. The industrial sector is experiencing a growth in demand for smaller warehouses which can be used as parcel hubs for deliveries.
Finally there is a big demand for properties which have multiple uses. Change of use legislation is making it easier to convert commercial property buildings into alternative uses. Properties that have the potential to fulfil more than one function offer interesting opportunities for redevelopment. It is a good time to invest in UK commercial property with rents and the economy picking up with a low point in the development cycle.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.