Commercial Property Year Review: 2016
Now that 2016 is finally over we can look back over it with a sigh of relief, although we perhaps enter 2017 in a state of some trepidation. With the shock of the EU referendum and the US Presidential election, 2016 was always likely to be a year to remember. The future is still uncertain as Brexit negotiations continue and the US President Trump settles into office.
But one thing is always true – choosing a good location for your business, with the right facilities and environment, will always give it the best chance of success, whatever outside influences there may be.
Political uncertainty meant the market was generally quite quiet. According to Rightmove, in Derby house prices remained at similar levels to 2015 and this had a knock-on effect with taking up of commercial property, especially in retail and office sectors, being similarly subdued. In the wake of the EU referendum analysts were predicting 20% drops in commercial property prices as “fire sales” of large sites were threatened, however, these dire predictions appear not to have come true.
According to Derby-based property experts Rigby & Co, 20% of city-centre office space has been lost as residential redevelopments see offices converted into apartments. This decrease promises to increase demand for commercial property in 2017. RTC Business Park undertook a program of modernisation of much of its office space which should place us in a strong position in the commercial property market in 2017.
According to the RICS commercial property survey, industrial property availability has decreased which has led to an increase in tenant demand. Derby has a unique industrial heritage which looks set to continue into 2017. RTC has a variety of industrial tenants across our 28 acres and is confident in our ability to support them over the coming years.
Situated only half a mile from the mainline railway station and barely any further to the city centre, RTC Business Park is well-situated to appeal to tenants who might otherwise have been looking for city-centre offices.
Our newly modernised office space in Derby offer everything your business might require in 2017 including flexible lease terms, landscaped grounds, lift access, kitchen facilities, flexible floor plans with plenty of natural light, manned receptions, car parking and, unusually for commercial tenancies, the service charge includes heating and electricity.
We are looking forward to 2017 and we hope you our tenants renting commercial property in Derby are too!