Mark Lane, writing for ChronicleLive.co.uk in November 2017, interviewed property experts in the North East of England and discovered that the commercial property market in the region was doing well, with 2018 expected to be a good year for property investors.
Tim Aisbitt of Bradley Hall surveyors said that there was an undersupply of commercial property in the North East and this has caused high rents. Thanks to growth in the tech sector, there is an increased demand for office space, and logistics firms who are growing require more warehouse space.
Gavin Black of Gavin Black Partners agreed that rents will remain high, but new developments planned to be completed by 2019 will help alleviate the undersupply of commercial property.
Neil Atkinson of HTA Real Estate said that due to Nissan’s expansion in Washington, their suppliers in the area are growing and need larger premises. He said that many EU businesses that export to the UK could set up locations here after Britain leaves the EU. Land and labour costs in the North East are low, and this makes the region an attractive location for companies.
Jessica Simpson of surveyors Naylors predicts that with the growth of flexible work practices, co-working office spaces will be required in the region. She also predicts growth in the technology, media and telecommunication sectors.
Commercial mortgage rates are available at low interest rates for investors wanting to purchase or develop commercial property in the North East of England.