LASTWORD
RESIDENTIAL AND COMMERCIAL DEVELOPMENT IN WORCESTERSHIRE SHOW RESILIENCE SAYS GJS DILLON
l-R John Dillon, GJS Dillon Managing Director, Gary Woodman, Chief Executive of the Worcestershire LEP and Andrew Lewis, GJS Dillon Associate Director
The comment was made by Andrew Lewis, GJS Dillon’s Associate Director, at the launch of GJS Dillon’s Worcestershire Commercial Property Market Report 2021 which has been produced in collaboration with Worcestershire’s Local Enterprise Partnership. “We need more high quality space particularly in the industrial market” said Mr Lewis, “So my message to public sector bodies is lets ensure that the allocation between commercial and residential land is done right and that we have more industrial developments concentrated around Worcestershire’s six motorway junctions.” The report is a snapshot of independent commercial property market data in
Worcestershire’s office and industrial sub-markets in 2020, including Bromsgrove, Malvern Hills, Redditch, Worcester, Wychavon and Wyre Forest. Demand for high quality office space in the county has remained largely unaffected by the pandemic and industrial property is going from strength to strength amidst a flourishing e-commerce market. Junctions 4 to 7 of the M5 and Junctions 1 and 2 of the M42 provide a ready-made infrastructure around which to base new industrial and business parks offering a range of industrial units, from 1,000 sq ft to 25,000 sq ft and of offices from 500 sq ft to 5,000 sq ft to rent and to buy. Worcester Six at Junction 6 of the M5 is an example of successful industrial development, but crucially new developments would need to provide smaller units. The report also details how the recovery from Covid-19 is underway as office take up is starting to recover and the amount of downsizing less than expected. As for the
There needs to be an even distribution of commercial and residential development to drive Worcestershire’s economic recovery forward according to a leading commercial property consultancy. 050
future of the office market, GJS Dillon say that it may not bounce back to previous levels but instead companies will adapt a more hybrid model, this presents an issue for commercial landlords as the right space will be needed if companies are looking to adapt this strategy. There have been some interesting success stories when it comes to renting office space within the past 12 months. As exampled by the Worcester Porcelain Works site, which has been fully let during the pandemic. Gary Woodman, Chief Executive of the Worcestershire Local Economic Partnership, said: “This is a fantastic report because it helps us to shape our discussions within the LEP and with our local authority partners. The details gives us an insight into the individual sub-markets so if we are going to bid for Government development grants, we are able to make informed decisions.” John Dillon, GJS Dillon’s Managing Director, said: “Worcestershire’s commercial property market has been surprisingly resilient as the report indicates. We’d urge occupiers, developers and local authorities to read the report and come and talk to us about your plans going forward.” GJS Dillon’s Commercial Property Market Report 2021 can be found here www.gjsdillon.co.uk/marketreport. GJS Dillon would like to thank Worcestershire Local Economic Partnership, Harrison Clark Rickerbys and the Bransford Trust for their help in producing this year’s report.
July/August 2021
