You will need to login as a member to access this page. This resource is available for members of:
Propertymark membership gives you the credibility of being part of a respected association along with access to a whole host of resources.
Use the button below to find out more about becoming a member and the full value of membership.
Although we see key aspects of the economy stabilise, the commercial property sector continues to face challenges, as many business sectors evolve to keep pace with ever-progressing trends and shifts in demand.
Under Part 2 of the Landlord and Tenant Act 1954, most business tenants in England and Wales have the right to renew their tenancy when the current lease ends, with limited grounds for landlords to refuse. With 55% of UK commercial property rented, the Law Commission is consulting on whether this system remains effective for today’s commercial lease market.
Regulations come into force on 2 December 2024 which will allow local authorities in England to auction off the leases of persistently empty high street shops. The UK Government states that the scheme will breathe life back into town centres and drive local growth and opportunities. Propertymark welcomes the move, but we would like to see more detail on which areas will benefit the most, how the powers will be funded, and how they will be used in practice by councils.
Although the economic outlook remains mixed, the quarter ended with inflation in line with the Bank of England’s target, a precursor to a long-awaited reduction in the base rate. Our agents are bullish regarding capital values and rent levels in key sectors including the Industrial and Land and Yards sectors where demand continues to outstrip supply.