Warning sounded as the commercial property market struggles to keep up with demand

JS12991379The market has really started to motor along, evidenced by a very much higher volume of enquiries now being received. We saw a doubling of enquiry numbers between 2013 & 2014 and enquiries are on course to double again in 2015.

Enquiries Struggling
We have a number of enquiries that are really struggling to find commercial property to suit their needs. Demand is such that there is now a serious shortage of stock on the market, particularly on a freehold basis. This makes searching for a new premises an even more time consuming exercise when most business owners and decision makers would prefer to devote time to the business, not the irritating diversion of looking for new premises.
This is where turning to Wiggins Lockett Thompson can make sense. We offer a search and acquisition service to take the leg work away from our client, leaving them to the day to day running of their business. Our Surveyors take a personal approach to business and keep our clients updated along the way. We utilise our years of experience and market contacts to dig out the opportunities for our clients to consider.

Corporate Support Service
WLT offer an all-round package of commercial services and advice in-house. Our Corporate Support Services are utilised by clients across the region from the full all-encompassing service to bespoke services relating to specific matters.  We provide what essentially amounts to a Property Director role in companies that need them.  Expertise is available as and when needed with “property updates” provided to client keeping them ahead of the trends, important dates and responsibilities.  This is vital information for company boards and business owners.

The Current Situation
The lack of available properties on the market of course means that, marketed properly, a relatively short marketing period is required. We have current live enquiries for industrial premises from 1,000 sq ft to 20,000 sq ft and are therefore very keen to talk to property owners across the Black Country.  The situation is such that commercial leases are being re-geared and renegotiated mid-term.
Recent transactions we’ve been involved in include the freehold industrial acquisition of 57,000 sq ft in Dudley, letting of office space in Stourbridge, Wolverhampton and Gailey.  Solicitors are being kept very busy and on their toes.
Clients of Wiggins Lockett Thompson, Denby Developments commented,
“I have been thoroughly impressed with the level of service Richard and the team have provided to us from initial marketing through to negotiations and completion.