Our monthly property market review is intended to provide background to recent developments in the property markets as well as to give an indication of how some key issues could impact in the future.
Overview
RECORD UPTAKE FOR INDUSTRIAL & LOGISTICS SECTOR IN 2020
By the end of 2020, according to Savills, take-up of industrial warehouse units is on course to exceed 50 million sq ft, far exceeding the previous record of 37 million sq ft, set in 2018. Rounding off a record year for the sector, this growth can be partly attributed to the astronomical rise in online shopping.
RETAIL SECTOR WOES CONTINUE
In December, Arcadia Group went into administration, putting 13,000 jobs at risk at retailers such as Topshop and Dorothy Perkins, signalling a further blow to the ailing retail sector. Arcadia has 444 leased stores in the UK and 22 overseas. Its numerous landlords include listed property companies such as Hammerson, Landsec and British Land. Administrators are seeking expressions of interest from potential buyers.
SCOTTISH COMMERCIAL PROPERTY INVESTMENT REBOUNDS IN Q3
According to Colliers International’s Q3 Scotland snapshot, commercial property investment rebounded in the third quarter, to reach £477m, the highest quarterly figure this year, following a slow Q2, with just £35m in investment recorded.
COMMERCIAL PROPERTY CURRENTLY FOR SALE IN THE UK
- Regions with the highest number of commercial properties for sale currently are the South West and North West of England
- Northern Ireland currently has the lowest number of commercial properties for sale (27 properties)
- There are currently 1,314 commercial properties for sale in London, the average asking price is £1,194,088