There needs to be an even distribution of commercial and residential development to drive Worcestershire’s economic recovery forward according to a leading commercial property consultancy.
The comment was made by Andrew Lewis, GJS Dillon’s Associate Director, at the launch of GJS Dillon’s Worcestershire Commercial Property Market Report 2021 which has been produced in collaboration with Worcestershire’s Local Enterprise Partnership.
‘We need more high quality space particularly in the industrial market’ said Mr Lewis ‘So my message to public sector bodies is let’s ensure that the allocation between commercial and residential land is done right and that we have more industrial developments concentrated around Worcestershire’s six motorway junctions’
The report is a snapshot of independent commercial property market data in Worcestershire’s office and industrial sub-markets in 2020, including Bromsgrove, Malvern Hills, Redditch, Worcester, Wychavon and Wyre Forest. Demand for high quality office space in the county has remained largely unaffected by the pandemic and industrial property is going from strength to strength amidst a flourishing e-commerce market.
Junctions 4 to 7 of the M5 and Junctions 1 and 2 of the M42 provide a ready-made infrastructure around which to base new industrial and business parks offering a range of industrial units, from 1,000 sq ft to 25,000 sq ft and of offices from 500 sq ft to 5,000 sq ft to rent and to buy.
Worcester Six at Junction 6 of the M5 is an example of successful industrial development, but crucially new developments would need to provide smaller units.
Gary Woodman, Chief Executive of the Worcestershire Local Economic Partnership said: ‘This is a fantastic report because it helps us to shape our discussions within the LEP and with our local authority partners. The details gives us an insight into the individual sub-markets so if we are going to bid for Government development grants, we are able to make informed decisions.’
John Dillon, GJS Dillon’s Managing Director said: ‘Worcestershire’s commercial property market has been surprisingly resilient as the report indicates. We’d urge occupiers, developers and local authorities to read the report and come and talk to us about your plans going forward.’
GJS Dillon would like to thank Worcestershire Local Economic Partnership, Harrison Clark Rickerbys and the Bransford Trust for their help in producing this year’s report.