Monday, April 14, 2014

Branson on The South West - April 2014

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There is much to applaud about the recent performance of the commercial property market in the region as its inherent strengths show through.

Among these are the presence of good universities and high technology companies combined with a skilled workforce. These have to be the key elements in the performance of SMEs accounting for 85% of the industrial lettings.

A corollary to this is that it provides a pointer to future economic growth and take up as these companies expand in an area generally regarded as a favourable place to live.

But, as always, there is a problem in the pressure to convert commercial space into residential use. It is extraordinary that it accounted for well over 74,320 sq.metres (800,000 sq.ft.) in the past two years. It will be even higher at 46,450 sq.metres (500,000 sq.ft.) this year.

Surely it is not possible to take that amount of space out of the market and not damage the commercial life of Bristol.

So often we find ourselves criticising government decisions that flow from pure ignorance of the property market and cause so much damage, the classic example of that being empty rates legislation that has helped deprive the country of industrial space that is now needed by SMEs.

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