The North East North East Market: Update Chris Farlow
As one of the lead- ing Agents in the North East Carver Commercial have their finger on the pulse with the regional market with the firm pre- dominantly cover- ing County Durham, Teesside and North Yorkshire. We
caught up with their Director, Chris Farlow, to discuss his views:-
How does the investment market look in the North East?
The North East has continued to prove pop- ular and enquiry levels remain strong with investors from out of the region. Interest rates ensure that the market remains yield focussed and the North East can provide some great returns. Investors are continuing to recognise the growth potential here and take confidence from some of the re-gener- ation schemes and public sector initiatives within the region. Teesworks for example is a generational opportunity which has really placed Teesside “on the map” with some significant global businesses. This follows Darlington’s Economic Campus which will house HM Treasury and The International Department for Trade which is expected to
accommodate up to 1,400 well paid pub- lic-sector positions.
Where are you seeing the most occupier activity?
We are busy across the board. Certain High Streets/ town centres remain a challenge but we have seen significant levels of enquiries and very few voids across the better neigh- bourhood parades. Certain national retailers remain very active and there has proven to be stiff competition for certain prime spots in the right towns. We have seen some inter- esting shifts in the office market post-covid with the increased adoption of agile working. We have larger corporate occupiers striving for best in class for which there is a limited supply. Whereas we have also seen smaller to mid-size SME’s scale up and down with a real focus around energy efficiency and col- laborative working space. This has unlocked some great refurbishment opportunities for the more proactive Landlords.
The industrial market remains very active and rents have enjoyed a real surge over recent years. Transactional activity remains high however we have seen more stock return to the market over the last 12 months than we have been used to over recent years. There are some significant speculative developments underway across the North East which really cements investor confidence in the region.
Where do you see the opportunities over the next 12 months.
It’s going to be an interesting year as the mar- ket continues to digest Labour’s recent policy changes. Property remains a significant part of any business and we are working with a number of corporate occupiers to scrutinise their portfolios. Occupier requirements are continuing to shift and it is increasingly impor- tant for Landlords to engage with their ten- ants to understand these shifts and ensure their properties remain competitive.
We are also working closely with a number of investor clients to assess their proper- ty’s position in the market place. Energy efficiency remains a key consideration and investors are often gravitating towards more modern property to navigate the increasing efficiency standards that we are all working towards. Certain landlords with older prop- erties are coming to a point where invest- ment will be required and I do expect to see some of this stock traded which should provide some rewarding refurbishment and re-development opportunities.
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COMMERCIAL PROPERTY MONTHLY 2025 21
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