Cushman & Wakefield gives its predictions for what’s in store for the Yorkshire property market in 2019.
Keith Hardman, Head of Cushman & Wakefield’s Leeds Office commented: “Relocations from south to north (Burberry, Channel 4, Talk Talk to name a few which have announced or implemented plans in the past 12 months) will gather pace as businesses look to improve staff retention, reduce operating costs and improve competitive advantage against the backdrop of economic uncertainty in the post-Brexit era. The South Bank area in Leeds will be one of the main beneficiaries of this.
“The Chancellor will introduce more radical funding measures to address the decline of many town and city centres and to expedite the changes required to reverse this. Measures will go some considerable way beyond the £675m announced in November’s Budget for the Future High Streets Fund. A sales tax will be introduced with a Business Rates offset i.e. targeted at online retailers, where the tax revenues will be directly invested in transforming town centres.
“Leeds United will also win promotion to the Premier League!”
Tim Cameron-Jones, International Partner, Capital Markets at Cushman & Wakefield in Leeds: “I think we will have a very hesitant Q1, with many investors adopting a ‘wait and see’ attitude until the end of March. However irrespective of the conclusions to Brexit negotiations, after March I believe that domestic investors will continue to be the biggest influence on the UK regional markets and the weight of money will mean that acquisition activity will pick up in the second half of 2019.
“The structural shift in retail patterns will continue, with logistics units continuing to grow in importance in retailer’s sales channels. Demand is likely to remain strong for units close to urban areas as well as the growth in parcel depots and larger retail-based distribution units.”