The commercial property sector is undergoing a thrilling transformation, driven by the rise of online retail and the work-from-home revolution!
According to Propertymark, town centres are buzzing with revitalisation efforts, shifting from purely retail spaces to vibrant hubs that blend business, leisure, education, and health facilities. It's all about creating spaces that cater to future needs!
While smaller businesses, like takeaways, are enjoying a rental sentiment boost, the leisure sector faces some challenges. Concerns linger over rents for large office spaces, pubs, and restaurants. The sector also grapples with uncertainties around future government legislation, high building costs, and rates liabilities.
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Michael Sears from Propertymark’s commercial advisory panel highlights the ongoing shift from traditional retail to dynamic mixed-use spaces. The demand for large office spaces is dwindling as businesses embrace homeworking. This evolution presents a golden opportunity for town and city centres to redevelop and cater to modern needs.
Exciting times lie ahead as communities aim to blend property types that harmonise with online retail growth and homeworking trends. A promising 33% of Propertymark members anticipate increased demand in the Land and Yards sector, while 47% foresee a decline in the office sector. Meanwhile, 50% report rising rents post-reviews.
The commercial property landscape is changing, and it’s a thrilling journey towards a future where communities thrive with diverse, multifunctional spaces!
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