The North West
Lancashire Industrial & Office Market overview By Danny Pinkus BSc Hons MRICS, Partner Robert Pinkus & Co, Preston
The Lancashire commercial property market con- tinues to tell two slightly different stories, with the industrial sector holding up reasonably well, while the office market continues to adjust to life after Covid. Across locations such as Preston, Blackburn and Burnley, industrial demand has remained rela- tively steady, driven by a mix of manufacturing, trade counter and distribution occupiers. Schemes around junctions of the M6 and M65 in particular, continue
to attract interest, reflecting the importance of connectivity across the region. That said, the pace of the market has undoubtedly cooled. After a sustained period of rental growth, quoting rents now appear to have stabilised and, in some cases, softened slightly. While prime new-build space in strong locations, such as North Preston, Chorley and Leyland can still command healthy rents, we are increasingly seeing pushback from occupiers where pricing has moved too far, too quickly. There is not a great deal of depth of demand where rents on small to medium sized warehouse units are well into double figures (£psf). Those developers who have been brave and carried out speculative at locations in Chorley are seeing some success, at a apace, given the shortage of quality supply in the region.
Affordability is becoming a key theme. Many businesses are now grappling with a combination of higher business rates, rising energy costs and con- tinued pressure on wages following increases in the minimum wage. When taken together, these factors are making the overall cost of occupation more challenging, particularly for small and mid-sized occupiers who form a large part of Lancashire’s industrial base. As a result, decision-making is taking longer. In many locations, we are seeing more occupiers choosing to remain in situ, renegotiate terms, or look at smaller and more affordable units rather than committing to higher rents on new space.
There is also a wider layer of uncertainty. The ongoing conflict in the
Middle East is clearly impacting business confidence, and for some occu- piers this is translating into a more cautious, “wait and see” approach, particularly where expansion or relocation is concerned.
Turning to the office market, the challenges are well documented in the post-Covid era. Hybrid working is now firmly established, and demand is much more selective than it was pre-pandemic. Secondary office space, particularly in older buildings, continues to struggle across much of the region. However, there are positive signs. Businesses within Central Lancashire are making a clear effort to bring staff back into the office, recognising the benefits for collaboration and culture. At the same time, many are realising that the space they occupy needs to improve if that is going to be successful in bringing people back and recruiting from the wider region. This is driving a clear “flight to quality.” Occupiers are often taking less space, but in better buildings — typically refurbished or newer schemes with good amenities, strong environmental credentials and accessible locations. In Lancashire, this is creating an increasing divide between prime and secondary stock, with the former holding up relatively well and the latter requiring investment to remain competitive Modern business park locations such as Buckshaw in Chorley, North Preston and the Bamber Bridge area continue to perform well, at a pace, given their connectivity and proximity to local amenities.
Overall, the market feels like it is in a period of adjustment. Industrial remains fundamentally sound but is facing affordability pressures and a more cautious occupier base. The office sector continues to evolve, with a clear focus on quality over quantity. For landlords and developers across Lancashire, the message is straightforward: be realistic on rents, under- stand the cost pressures occupiers are facing, and focus on delivering good-quality, fit-for-purpose space. Those who get that balance right will be best placed. Central Lancashire tends to be a resilient market where there is a “get on and do it attitude”, and this will return once there is more stability in the global markets.”
Rossendale Borough Council
Rossendale Borough Council is delivering an ambitious, investor-focused regeneration programme designed to reposition the Valley as a compet- itive location for commercial property, SME relocation and sustainable economic growth, guided by priorities set out in the Valley Plan; Our Place, Our Plan.
What we’ve delivered: Over the past decade, Rossendale has estab- lished a strong track record in town centre regeneration, securing more than £50 million in external funding to drive transformation across its key centres. Market refurbishments and heritage-led regeneration have reinforced the borough’s commitment to revitalising high streets while preserving their character and identity.
What we are doing now: Rossendale is delivering a pipeline of high-im- pact regeneration projects aligned to an economic strategy focused on town centres, skills and employment.
In Bacup, the Bacup 2040 vision is transforming the town into a commer- cially viable and attractive destination, supported by heritage investment and public realm improvements. The Bacup Market redevelopment will create a modern, flexible trading environment designed to increase dwell time, support independent businesses and enhance safety. Haslingden is progressing one of the most significant town centre transformations in Rossendale, guided by the Haslingden 2040 vision and the Big Lamp Project. This public realm programme is creating a safer, more accessible and welcoming environment. Rawtenstall continues to build on its regen- eration track record, with a development pipeline that includes a market
COMMERCIAL PROPERTY MONTHLY 2026
redevelopment, public realm improvements and infrastructure changes to unlock new commercial opportunities and improve accessibility. The Council is also providing high-quality commercial space for occupiers seeking connectivity to Greater Manchester and the wider North.
Supporting business and inward investment: Rossendale Borough Council has worked with businesses at every stage of their journey, offering support ranging from site finding and relocation advice to grant funding, networking and growth support. Strong partnerships across Lancashire, ensure that inward investors and local SMEs can access coordinated support, skills provision and funding opportunities.
Looking ahead: The Council’s long-term regeneration strategy is focused on creating vibrant, investable places where commercial prop- erty demand can grow sustainably. Its 10-year Pride in Place plan for Rawtenstall, Waterfoot and surrounding areas sets out a vision of attrac- tive, accessible town centres with increased occupancy rates, stronger footfall and a more diverse economic base. This approach aligns with the Valley Plan; which sets out a borough-wide strategy to grow a thriving economy around evolving town centres, improve the local environment and widen opportunities for residents and businesses. Future priorities include unlocking underutilised sites, strengthening the leisure and retail offer, and aligning skills provision with employer demand to support busi- ness expansion and inward investment. Rossendale’s strategic location – bridging Lancashire, Greater Manchester and West Yorkshire – positions it as a compelling proposition for occupiers seeking value, connectivity and quality of place.
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