I’m going to be honest and say that last year was not this country’s finest hour!

There was crisis after crisis, the ongoing war in Ukraine and a very hot summer. General predictions were gloomy and recession was constantly being talked about.

Now I cannot really speak for the residential sector as I deal predominantly with commercial property, but I am pleased to say that 2023 in my opinion has started much more positive than we all thought.

The phones in our office are ringing a lot more compared to the end of last year which means that there are more requirements out there and people/companies are starting to make decisions again.

The retail market is positive where in our core areas such as Watford and Rickmansworth there are low voids and units that come onto the market are being let/sold in a reasonably short space of time.

It’s not just the smaller lower rental units either the larger units of 3,000 sq ft and above are being filled where for example we are under offer on circa 30,000 sq ft of restaurant/leisure space in Watford town centre.

Last year that sized unit was being dismissed and there was question if it would get let this year due to the cost of living crises. However this shows that there are businesses out there that are willing to expand and commit.

The local Industrial/warehouse market is much the same where stock levels remain low and rents are still pushing forward. We are now seeing £25 per sq ft being quoted for new units which I did not expect to see, but again shows the positivity in the market.

The office market is seeing grass roots where there are more enquiries and certainly space of 100-2,000 sq ft is being taken up on a regular basis.

Clarendon Road, Watford has seen a record rent of £37.50 per sq ft being achieved and new stock which is being built we understand will have a quoting rent in excess of £40 per sq ft.

To sum up, there are definitely on going challenges and I’m sure more to come, however the great thing is the country seems to be stepping away from all the doom and gloom and trying to be positive and move forward.

Watch this space!

Joel Lobatto

Head of Commercial Property