With the end of the year fast approaching, here are the GJS Dillon team’s property predictions for 2022:
- The shortage of industrial property will lead to record rents and record capital values not only on new accommodation, but also on second hand space.
- We will see over 50% of industrial transactions happening off market as demand is so strong, therefore people are best appointing an acquisition surveyor to get to the front of the queue.
- There will be more activity in tax free vehicles so expect more and more SIPP and SASS Commercial property purchases in the next 12 months and beyond.
- Quality office space in town centres will be popular as employers look to create an environment that is different to the home office in order to attract new talent.
- Worcestershire will remain a popular location to relocate to owing to its transport connections, more affordable space and talent pool.
- Land for employment uses will be prioritised by local authorities as the shortage of all commercial property starts to lead to a disbursement of businesses out of the county
- There will be an abundance of valuation work as banks and lending institutions assess the adjustment in capital values in the wake of Covid.
- Given the increased emphasis on sustainability, property managers will be valuable in providing advice on navigating the regulations and keeping assets compliant.
- With continuing market uncertainty caused by the pandemic, there will be a greater requirement for professional services advice on matters such as negotiation between commercial tenants and landlords.
- Property owners will need to stay on top of the ongoing changes to EPC regulations (and other regulations) and ensure their properties are compliant.
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