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Wiggins & Lockett Chartered Surveyors provides a view on the Telford office market

wantspacegotspace.co.uk - Wiggins & Lockett Chartered Surveyors provides a view on the Telford office marketA successful landlord adapts to the market and, ideally, sees a changing coming and prepares accordingly.  It is fair to comment that with the ongoing economic situation affecting every business, the office market has been one of the hardest property sectors hit.  

A great number of small and medium enterprises have looked at their overheads and seen that offices are a cost too far and have contracted wherever possible.  This has left a great number of offices vacant.  So where’s the market?  Who is taking offices?  Recently it seems to be small businesses and “one-man-bands”.  Between new entrepreneurs, businesses down sizing and gaining efficiency of space the small office market has boomed.  Local Authority Enterprise centres have filled up rapidly and small purpose built office schemes with offices suitable for one to four people have let successfully.  Examples we have overseen or advised on include the Grays Conference Centre in Telford, Stargate Business Park in Bridgnorth, Maple House at Hadley Park, the E-Innovation centre at Priorslee in Telford.  More recently Oak House at Kingswood has started to let following refurbishment and the soon to be developed high quality rural office conversion known simply as Parkside between Telford and Wolverhampton already has strong interest.

All of these properties have created excellent economic and attractive working environments.  Complimenting these is simple, easy to understand paperwork making access possible within days or, in some cases hours.  These suites all come with parking, services included in the monthly fee, and in many cases extra facilities such as the provision of meeting rooms available or included.  Prices for facilities such as this have dropped from £30 per sq ft five years ago to less than £20 now making it an affordable and flexible option of many companies.  The days of serviced offices being simply surplus space tagged onto industrial units are over. The quality is increasing and increasing.

The facilities created and supporting small offices are also improving such as fully fitted out meeting rooms, gyms and other facilities that forward thinking landlords are providing.

With the government’s recognition and support of the new breed of entrepreneurs the demand for offices that are part of a “local business community” and the increase in the popularity of networking clubs such as the Telford Lunch Club mean that the market for small offices of this nature is safe.  What is being created in buildings that have been sensibly designed or are fortunate enough to allow it to be done is, in most cases, being undertaken with adaption and the future in mind.  Gone, for now, is the need for huge open plan offices and buildings with only this available are going to struggle for a while. Whatever the general trend in the market some parts do well, today, here, it’s small offices.  Landlords who do it right will benefit for the foreseeable future.

Posted by The Editor (wantspacegotspace) on 14th July 2013 (updated 20/07/2013)

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