Demand from SME and owner occupiers wishing to be located in Bromsgrove remains very high. However consideration must be given to providing the right size of space for the office market according to Worcestershire commercial property consultancy GJS Dillon.
Take-up of office space was over 40,000 sq ft for the second year running and Bromsgrove had the highest percentage of freehold transactions out of all six sub-markets in the county in 2022. Headline rents are also increasing with top values being achieved at the popular Topaz Business Park.
‘Bromsgrove remains popular with SMEs and owner occupiers so premium office space is highly sought after but it needs to be the right size space for the market.’ says Andrew Lewis, Director of Commercial Agency at GJS Dillon, writing in GJS Dillon’s Worcestershire Commercial Property Market Report 2023.
The shortage of sub 4,000 sq ft office space is being partly addressed by the new proposed plans to redevelop the Market Hall site in Bromsgrove. Plans include flexible office space, business start-up and co-working spaces.
‘Take-up of industrial space in 2022 was consistent with the last 5 years, with only a 20,000 sq ft variation in demand. Given the high interest rate, the rental market for industrial space in Bromsgrove is extremely buoyant. This is boosted by the fact that the right size space of high quality is being provided. ‘ said Mr Lewis
‘Quality industrial accommodation in Bromsgrove is transacting well with new developments set to be delivered in 2023. Of the 19 brand new units planned as part of Phase 2 Sapphire Court, 10 have already been pre-let with offers on the remaining space.’ concluded Mr Lewis ‘All the units range between 1,000 and 7,000 sq ft which demonstrates the popularity of smaller size units.’
GJS Dillon’s Worcestershire’s Commercial Property Market is based on independent figures and analysis from CoStar, which it uses to advise vendors, purchasers, developers, landlords and tenants. Further details about the 2023 market report can be found at www.gjsdillon.co.uk/marketreport or from Andrew Lewis on 01905 676169 or email [email protected]