What’s in store for the South West Commercial Property market in 2017?
Andy Heath, Partner, Office agency at Cushman & Wakefield in Bristol comments: “As we look ahead to what might be in store for the property sector in 2017, it might be wise to first cast our minds back 12 months and reflect that perhaps the lesson best learned from 2016 is to not be over-confident when making predictions.
Andy continues: “That said, a noticeable trend from 2016 has been the way markets – not least our own property market in the UK – have adjusted quickly to new political or economic stimulants. Volumes may be down and attitudes to risk adjusted but a willingness to strive for BAU has been the most striking theme.”
However, deal volumes are only a short term measure of market health. More relevant are developing and emerging trends, and whether they will continue and perhaps accelerate – in the medium to longer term.
Andy says amongst these trends and opportunities is Bristol, a city with the chance to become a major force in the UK regional economy over the next few years.
With the highest number of people employed in digital tech outside of Shoreditch, a vibrant cultural life and voted the best city to lie in the UK by The Times and an improving infrastructure with electrification of the train lines and a new rapid transport system across the city due to open in 2017 it is a city at the forefront of occupiers and investors’ minds.
On the UK’s decision to leave the EU, Andy commented: “Capitalising on the Government’s regional infrastructure drive will be critical, as will the need to urgently address the housing shortage in those areas of greatest demand. Increasing demand for real estate driven returns should see a further maturing of the alternatives sector whilst residential led investment will gain even greater significance.”