Regional markets continue to enjoy strong demand for commercial property, with the economic improvements and increasing desire to “reshore” on the part of industrial firms aiding in the process to rebuild local economies following the recession. This has been particularly prevalent in Cheshire East, where a number of deals in a variety of commercial property categories over the past year have seen widespread expansion in the region’s property market.
According to the Cheshire East Commercial Property Review 2015, the findings of which were recently presented to around 100 property advisers and investors at Alderley Park conference centre, a buoyant small business sector and a number of large investments by the region’s major employers have significantly driven forward the commercial property market. In turn, this has led to widespread jobs creation and a strengthening of the local economy, providing scope for further growth in the coming years.
Many of the successes seen within the commercial property market were as a result of the growing demand for space by companies specialising in science and technology. This has led to the creation of the Cheshire Science Corridor, where Alderley Park BioHub, Jodrell Bank (pictured) and AstraZenica’s former research and development base have been linked together to form a cluster able to generate significant economic benefits – the latter property alone is capable of supporting around 100 new companies to the area, many of which are expected to be start-ups.
Elsewhere, the industrial sector performed immensely strongly during the past year, having seen floor space take-up rise by 70 per cent to 824,537 sq ft. This marked a 50 per cent rise from the previous year’s results, and was greatly aided by the letting of 185,451 sq ft warehouse Midpoint 18 in Middlewich to Optima Logistics.
Councillor Michael Jones, leader of Cheshire East council, composed the foreword of the report and in it highlighted the growing prowess of the region as a business hub.
He said; “This review shows that the property market has well and truly woken up to the strength of our economy.
“More and more industrial, retail, office and leisure occupiers, on whom the market depends for its livelihood, are finding that Cheshire East is a great place to do business.
“Cheshire East Council is setting out an ambitious plan to support the creation of more than 31,000 new, predominantly private sector jobs by 2030 – this will mean greater skills, fewer people claiming benefits and less dependence on public sector employment.”
In order to continue to build momentum, Councillor Jones revealed that the council’s next move will be to focus heavily upon regeneration projects in major town centres as a means of further tapping in to the lucrative retail and leisure sectors’ growth. This will also help in boosting activity within the office sector, which at present is running 30 per cent above the Borough’s five year average.
He concluded; “The Council is moving rapidly to acquire properties and sites to energise the regeneration of Macclesfield, Crewe and Middlewich town centres. We expect more, exciting news on these projects before the end of this year.”