business parks/commercial property
continued ...
How will the South East property market look in a post COVID-19 world?
Here are our views on what businesses should prepare for in a post COVID-19 commercial property market: Factors Shaping Occupier Demand
Market Reaction • Shift to a more defensive position.
• Consolidation, integration, efficiency, sustainability and introducing technology upgrades are the new drivers.
• Cost is the #1 consideration, but cost avoidance is key.
• Reduction in core take up but increase in flex space. •
Decentralisation from London impacts cost and wellness.
• Focus on workspace and fitout to accommodate more agile working and greater spatial awareness.
• Closer access to a more agile workforce and talent clusters.
• Relocation enabled by landlord CAPEX cover. • Efficient buildings more attractive.
• Grey space released could affect supply dynamics although fortunately supply is already very low.
•
Divergence between Grade A and B narrowing as cost competitiveness pressuring rents.
We anticipate a ‘Trampoline effect’ akin to the Brexit period, as the economy readjusts relatively quickly. However, there may be a time lag as many businesses cautiously observe their markets for the next 6-9 months.
In the meantime, I, like many of our team based across our eight offices in the South East, will continue to collect vital market intelligence to ensure that our clients emerge from COVID-19 one step ahead of the competition.
0118 9097400
vailwilliams.com @vailwilliams
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