Bulleys, the commercial property specialists, claims that growing employment has contributed to increased competition for industrial space, higher property prices and more construction projects across the West Midlands. This comes after the Office of National Statistics (ONS) revealed that jobs in the region surged by 34,000 to 2.72 million in the three months to February.
This claim is also supported by the latest quarterly survey by the Royal Institute of Chartered Surveyors (RICS), which announced that there had been an “acceleration in the pace of growth” in Midlands in the first quarter of 2018.
“The latest ONS figures underline how more people in work across the region create even more interest in property, leading to higher rents as well as more building projects to meet the growing demand in the future,” said Noel Muscutt, partner at Wolverhampton-based Bulleys. “This means that land values continue to rise, industrial investment yields continue to harden and landowners are enjoying a robust performance in the industrial property sector across the West Midlands.”
Noel Muscutt’s views follow a number of recent property successes for Bulleys, including all seven units measuring a total of 43,410 sq ft at the Planetary Industrial Estate in Wednesfield being either let or under offer within six months of a £600,000 refit. Currently, the company is marketing more than 37,000 sq ft of office space at the former Wolverhampton headquarters of Carillion, the construction and services giant which crashed into liquidation earlier this year, seeking offers in excess of £3 million.
“There is plenty of interest in whatever comes up in the industrial and commercial property sector, and this is providing strong signs of a healthy marketplace,” concluded Muscutt.