Phil Cottingham, associate partner at Brown&Co St Neots, gives an overview of the regional commercial property market.

While the commercial market remains challenging, it has been positively aided by the recent downward trend of the inflation rate and the stabilising of interest rates.

Meanwhile, the construction sector is seeing some upward movement that has bolstered some elements of the commercial property sector.

It is, of course, difficult to forecast what’s ahead. However, some office space is seeing a resurgence in demand after a degree of rebalance following the Covid pandemic.

Employers are increasingly moving to hybrid working models – which has mitigated the concern of many property owners that working from home was going to negate the need for certain types of office space.

However, as Deloitte points out in its recent ‘Finding Terra Firma’ report, office owners and investors need to be realistic about what to do with underperforming assets.

The Hunts Post: Phil Cottingham, associate partner at Brown&Co St NeotsPhil Cottingham, associate partner at Brown&Co St Neots (Image: Brown&Co)
Understandably, the office stock that meets the demands of both sustainability and the appropriate size – taking into account hybrid working models – is attracting sensible prices and good occupier interest.

Demand for industrial space is still being boosted by growing e-commerce and third-party logistics providers – and those sites with good transport links and amenities are in demand.

In this regard, we have been instructed to sub-let an 87,000sq ft (8,082sq m) fully refurbished warehouse at Priory Business Park, Bedford with a generous yard area and 103 car parking spaces.

It ticks the metaphorical boxes for many firms with its excellent transport links, with easy access to the A1 and M1 motorways as well as close proximity to the A421.

We have also been instructed to sub-let 3,470sq ft (322sq m) of high-quality office space in Lancaster Way, Biggleswade, close to the A1 and amenities offered by the A1 Retail Park and Stratton Business Park.

For more information, please contact Phil Cottingham or Anne McGlinchey on 01480 213811.