FHP’S MARKET ROUND UP – 2020
Whilst always focused on ‘doing the deal’ and letting, selling and acquiring industrial and distribution space throughout the East Midlands, we constantly monitor the local market to try and keep on top of market trends from quarter to quarter and indeed year to year.
Even in the bizarre year of 2020 we received some of the highest numbers of weekly and monthly enquiries we had ever seen, generating record numbers of viewings and indeed deals.
Looking back on the year now, 2020 was very busy!
Manufacturing and distribution sectors and specialities across the board created demand, but in particular, we found ourselves constantly engaging with a huge range of occupiers across a broad spectrum of business sectors. Restructuring was certainly on the minds of many occupiers but equally expansion plans were prevalent and whilst it would be wrong to ignore those companies downsizing, we found that the vast majority of enquiries were from companies looking to take on more space not reduce their gross floor area.
The year was capped off in December 2020 when we encountered more enquiries than we had ever had in that month since our records began. As frivolous as it seems, we put this down to a lack of holidays, business parties and Christmas celebrations as we all seem to be working harder and longer than ever which saw a terrifically busy if frantic end to the year with success achieved across the board.
All size ranges in the market in the East Midlands seem to be strengthening still, probably the star performers are those units of less than 10,000ft² where supply is virtually non-existent and demand is strong; as soon as we put a property on the market in that sector it seems to be let or sold within days.
This strength is mirrored through so many size ranges and whilst we found ourselves still in the midst of a pandemic with limited information as to when it may end, our market continues to remain strong and demand outstrips supply leading to us regularly searching and asking clients for more space to market to meet the ongoing demand encountered.
Is this the new normal? Who knows is the answer, but what can be guaranteed at the moment is that we are working as hard as ever to find and let/sell space to a market which seems set fair for another positive and productive year despite the ways of the world and the conditions we are all having to endure.
FHP remain here to help and we would be delighted to discuss how we can assist clients old and new with the marketing of their surplus space or indeed try and help tenants and purchasers alike to find their new building and continue the economic positivity we have found throughout 2020 and early 2021.
Please contact the FHP Team at any of our offices in Nottingham (0115 9507577), Derby (01332 343222) or Birmingham (0121 7525500).