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Market Comments - Chris Ridge

Hampshire Business magazine article - May 2009

Thu, 07 May 2009 11:32:49 +0100

Whilst the commercial property market has been hit by the credit crunch and recession, it is not all doom and gloom in Southampton. Yes, enquiries from commercial occupiers are much lower than 12 months ago, particularly in the retail and office sectors which have suffered most. However, there continues to be serious occupier enquries at all levels in the market place from companies who genuinely need to move premises. Leasing transactions are still taking place and from an occupiers perspective it is an excellent time to be negotiating terms for new premises.

The era of short and flexible leasing terms is here. With landlords keen to minimise non recoverable outgoings such as business rates and service charges, many will be prepared to agree short term flexible deals. Whilst this may also suit some businesses in the current climate, those that are able to commit to longer leases are able to secure very attractive financial terms. The economic outlook for the rest of 2009 will remain uncertain, but those businesses who are able to look beyond this are finding receptive landlords and opportunities to agree some innovative property deals.

Now is an excellent time in the market cycle for businesses to be reviewing their operational property requirements. In this part of the world there is generally not an oversupply of commercial premises and as the market begins to pick up, as it surely will, you may have missed the boat to restructure and reorganise commercial premises for the benefit of your business when the better times return.

Take stock now, review your property needs and take advantage of a market which can present some attractive opportunities.

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