Welcome To The Deal, February 2018
At this time of year many of us are looking to the future and are trying to anticipate what the year ahead may hold. Last year was a year of uncertainty, dominated by Brexit, or so the press would have us believe. Yet here in East Lancashire / North Manchester we saw the property markets continuing to improve, certainly in the industrial and better quality office sectors. Good quality industrial space has been in short supply and increased demand has seen an upward pressure on prices and rents. There has been limited new industrial development since the credit crunch in 2008, although the new developments that have taken place in the area including Burnley Bridge Business Park and Pendle Court Nelson have proved successful in securing early sales and lettings.
The retail sector is having to adapt to both to consumer uncertainty and changing retail habits. The results for the Christmas period show mixed fortunes for the major retailers with the discount food retailers Lidl and Aldi, Tesco, John Lewis and others seeing increased year on year sales whilst Marks & Spencer, Debenhams and House of Fraser have posted disappointing results. The growth of online retail has continued, which itself has had an effect upon the warehousing market in this area.
Many businesses in East Lancashire and North Manchester appear determined to take advantage of the changing environment. There are challenges ahead in the property sector with the introduction of the Energy Efficiency Regulations, potential changes to building regulations in the light of the Grenfell disaster and the effects of changing retail habits upon town and neighbourhood centres. Nevertheless the signs are positive for those willing to embrace change.
Peter Conroy
Director
Trevor Dawson
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