26th April, 2010.

Things are looking up, Duck!

By Richard Mounsey, Commerical Agency Stoke-on-Trent

As Harris Lamb’s Stoke Office begins to enjoy the lighter mornings and longer evenings and with the property market in North Staffordshire passing through it traditional spring lull, enquiries have slowed and completions are even harder to come by than usual.

Since Christmas however, the market has performed steadily with enquiry levels improving, coupled with a returning confidence to occupiers, who are starting to commit to lease terms and purchases. Landlord’s aspirations are also starting to marry with occupiers expectations which, whilst taking some time to adjust, is manifesting itself by way of renewed letting and sales activity.

All sectors have seen an improvement in activity but industrial property of sub 10,000 sqft is performing best, closely followed by offices of sub 5,000 sqft. With local investor appetite for modern, well let accommodation still hungry, many leasehold deals are being made possible by back to back transactions to cash rich investors; and this shows no signs of slowing.

New build and modern stock is proving to be of most interest, with recent transactions taking place at the mixed business space scheme ‘Evolution’ at Lymedale Business Park, Newcastle under Lyme. Here Priority Sites have constructed a range of Offices, Industrial Units and Hybrids (a hybrid typically consists of 50% Office and 50% Workshop area). Enquiries are strong for the remaining stock, comprising 4 offices and 2 hybrids: not bad from the initial 17 units built.

In terms of Commercial and industrial land, the market still hasn’t seen any real improvement in demand and there is little sign of speculative development any time soon. The vacant new build stock levels within North Staffordshire are lower now than they have been for some years (partly due to some excellent incentives given) but the continued difficulties with bank funding and confidence overshadow the improving market for the typical speculatively built small to medium business unit scheme.

Let’s hope that May can bring continued recuperation for the property market and that a new government can help to nurture the "green shoots of recovery", which are so widely reported but seldom felt.

If you would like to contact Richard to discuss any issues raised in his blog, please email This e-mail address is being protected from spambots. You need JavaScript enabled to view it .