Vacancy rates and empty property taxes have featured prominently in the news as of late indicating that, while the commercial property market may be showing signs of recovery, there is still some way to go.
While this may be bad news for landlords with property for sale or rent, it has paved the way for small companies seeking new business premises. And this could be the ideal time to act, according to commercial property specialist Angela Dennis.
In a recent article for the Guardian she says; “There is unlikely to be a better time to do deals and, in some cases, property can be just the launch pad a business needs to move to the next level.”
As a result of the recession slowing market growth considerably, there are many opportunities for SMEs to snap up a reasonably priced property. What’s more, an oversupply in certain areas of the market means that landlords or vendors are more likely to negotiate a lower price in order to fill the space.
The recent struggles of the high street due to the online boom has markedly decreased the demand for retail units outside of key areas, while a business with a view to renovation may be interested in an office development requiring some internal modernisation.
Furthermore, as the initial property requirements for an SME tend to be less demanding than for an international conglomerate, landlords will often offer a discounted price or shorter lease term for a smaller space.
Rules and regulations governing the property market have changed markedly in the past decade, the majority of which majorly benefit small businesses looking to enter the market. Ten years ago, it was not uncommon to be tied to a 21 year lease with no right to end it early.
Commercial property professionals, representing both owners and occupiers, decided that a better way to do business was to introduce a code of good practice. All SMEs looking to enter into the property market are advised to research this in order to fully learn their rights as, after all, being knowledgeable on the subject is an excellent way of spotting a bargain!
Now that Britain is slowly recovering from the effects of double dip recession, it can only be a matter of time before the property market follows suit and prices once more begin to climb. So whether you are looking for your first premises, an upgrade to a larger property or to buy a property as an investment, now could be the ideal time to make that move!
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