Latest News - Market picking up
‘The wall is coming down’ in Commercial property
Country Estates sales and marketing manager Sue Lamarque is quietly confident that ‘the wall is coming down’ in the commercial property market.
“People are now starting to make decisions about their future commercial space requirements, and I can see the market picking up steadily this year.
“After one of our best ever business periods, it all came to a sudden halt in the middle of 2008 when the recession hit. It was as if somebody had put up a wall between business space providers and commercial occupiers, and from then on things just ticked over,” says Sue, who, from her office at Calleva Park near Aldermaston, deals with all 15 sites managed by business park specialist Country Estates.
“That economic downturn caused everyone to review their business operations, but it also made people less confident. Decisions were put off pending the outcome of the recession, then came the uncertainty of the General Election. Even the weather hit the market with the January snowstorms!
“Frankly, many people have been sitting it out, waiting to see when ‘the wall’ – built from funding difficulties, commercial change, and political uncertainty – might become low enough to see a future beyond it. I think for some companies, that time has now come.”
The result is more inquiries and site visits, and an increasing number of fresh deals. The trend is not localised. Country Estates has recently welcomed new tenants to its sites in Chipping Norton, Bristol, Kingsclere and Aldermaston, and tenancy extensions at several more.
Location, quality and flexibility remain key factors for occupiers, says Sue. Price matters too, but increasingly company owners are looking for “the sort of space that a business can make into a comfortable ‘home’ and their employees can feel proud to work in.”
Other occupiers – having restructured or reviewed their space requirements during the recession – are seeking to start afresh, but are also taking the opportunity to upgrade their corporate surroundings.
This view was echoed by Chris Chamberlain, a Country Estates tenant for five years at Kingfisher Court business park off Newbury’s Hambridge Road, and as managing director of Newbury Commercial Interiors a man well-versed in office furnishings.
“The focus nowadays is very much more design-orientated; usually open-plan office space, but with style to it. Also, there’s less demand for the large corporate head office; with regionalised operations being preferred using smaller local office-bases.”
Naturally, Newbury Commercial Interiors has suitably designed and fitted-out its own 2,500 sq ft (232 sq m) unit at Kingfisher Court (and those of several other Country Estate tenants on the 43-unit Hambridge Road site) but Chris Chamberlain says there are other reasons why he likes the business park.
“It’s by the canal, has an attractive landscaped courtyard and ample parking and overall it’s a nice place to work. Travel links are good too with the A34 and M4 being close. But we also have a bit of a community here, and the businesses here work well together.” His company recently liaised on work with NetTeam Consultants, an IT services supplier based at Kingfisher Court.
Ian Lawrence, director of Newbury Dental Laboratories, a Kingfisher Court tenant since 2006, agrees that the location is perfect for his core business catchment from Oxford to Andover, Reading to Swindon. “It all works very well for us. We have free parking not far from Newbury town centre, and when people come to visit they are always surprised by what we have in terms of our premises, nice surroundings, and the range of businesses housed here.”
The range and flexibility of Kingfisher Court, with units from 1,250 sq ft (116 sq m) to 5,000 sq ft (464 sq m) is perhaps highlighted by other tenants such as the British Red Cross, Weinerberger, the world’s largest brick manufacturer, which has a showroom on site, and the Jockeys’ Association, conveniently placed near Newbury Racecourse.
While Country Estates regards high standard premises and facilities as the norm for its business parks, that does not mean they lack individuality or flair.
In the Newbury area, a visit to New Kingsclere Park, off the A339 between Basingstoke and Newbury, will show how tradition and progress can be skilfully melded into brand-new business units, now available for rent or purchase.
Blackberry Barn is an attractive and imaginative conversion of an oak-beamed former grain store now offering 1,604 sq ft (149 sq m) of modern fully-equipped office space.
Meanwhile, Kingsbrook House provides 21st century style with technical and environmental excellence, being built to the latest carbon emission, insulation and disability access standards, while providing air-conditioned workspace of 6,304 sq ft (586 sq m).
For more information: Sue Lamarque, 0118 981 1006 or visit suel@countryestates.co.uk or www.countryestates.co.uk
05/07/2010