Using the Winston Churchill phrase of the ”sunny uplands” could be fair evaluation of the changed mood in the property market.
It is certainly on display in Yorkshire as the towns and cities recover from a hard, hard six years. Now we have moved into a different scenario in which the lack of new development in the past few years comes to the fore.
Some of that problem was created by ignorant government in the form of empty rates bills, but it is also due to property companies going bust and the banks unable to lend. Now in Yorkshire and most of the country the familiar refrain is a shortage of Grade A office and industrial space.
In Leeds, the market took off last year and Sheffield improved substantially, taking space off the market. So now we will get rental increases and narrowing incentives.
Early last year was the time to lease property.
In Yorkshire there is a widespread improvement in the industrial market as companies expand again.
That is starting to bring forward new developments (and more will quickly follow) such as by Harworth Estates and Gladman, who were very active a few years ago.
What will also help is the active investment market to encourage developers to build new products.