LISTEN: Demand for industrial properties in Warwickshire, both to occupiers and investors, is red hot at the moment – but growth is being held back by the region’s focus on residential development, according to Bromwich Hardy partner James Brookes.
Bromwich Hardy has transacted on more than 250,000 sq ft of space across 18 deals so far this year, making it by far Warwickshire’s market leader among Radius agents. The vast majority of this space has been for logistics units, although smaller industrial units are also being snapped up as soon as they go to market.
Brookes believes the county’s central location and strong road network make it an ideal choice of location for the logistics market, but the government’s focus on building houses, coupled with the pandemic slowing down decision-making within planning authorities, is holding back the development of commercial space and employment opportunities for the people living in those houses.
Although the logistics market has benefited hugely from the switch to online shopping, Brookes believes the future for the high street is a happy one so long as developers and planners are bold enough. He sees a future of smaller independent shops with residential units above, providing town centres with permanent footfall and stronger night-time economies.
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