Sam Elkington: Early prospects for the commercial property market look encouraging

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Now that the business world is back and functioning fully, it is interesting to see how the commercial property market already seems to be gearing itself up for a good 2017.

The situation relating to the weakness of the pound and the Brexit situation is causing a delay on one or two deals that we are looking at, but they are not in any way stopping them from going ahead.

We have seen investment in new developments in the area scheduled for this year, which have received confirmation, subject to planning approval being given, that they will be going ahead despite the economic conditions.

The interest that there has been from the public sector in investing in investment property continues.

We are exploring a number of opportunities where local authorities are actively looking at investing in build stock as well as new business schemes that are being brought forward.

There is a genuine appetite from the public sector to try and stimulate the local economy.

The residential development land market remains a key element to the prosperity of the area and again we are seeing Housing Associations and the public sector becoming involved in development schemes where previously they have hung back because of lack of funding from central government sources.

As the Local Plan Review nears conclusion, it will bring a certainty to the market with a number of sites gaining an allocation for development.

Again, this will mean opportunities for both land owners and developers to make the most of over the coming year.

The increase in supply does however affect prices but there is clearly a market place for both developers and land owners.

All in all, the early signs of activity are encouraging and it is hoped that they continue.