ESTATESGAZETTE: New EG Report Shows a Surge in Interest for Satellite Offices Post COVID-19 Lockdown
October 07 2020 - 1:00AM
UK Regulatory
TIDMREL
EG, a market-leading supplier of data, news and analytics
products and services for the UK commercial real estate market
announced today the findings of its inaugural EG Propertylink
Occupier Sentiment Report, which were made public for the first
time. The report found that interest in offices in satellite and
regional locations has surged since lockdown restrictions eased and
that many regional and satellite markets saw the number of occupier
and investor enquiries in June and July 2020 exceed the January
2020 levels by a wide margin.
By analysing occupiers' search and enquiry behaviour, rather
than deals data, the EG Propertylink Occupier Sentiment Report is
an indication of future trends, and early signs are that more
businesses want local offices as a result of changing work patterns
during lockdown.
Key findings from the report include:
-- Shropshire, saw an increase of 75% in office enquiries in June compared
to January which is traditionally the busiest month for property
searches. Shropshire also topped the table for all property searches.
-- Croydon in South East London saw an increase in office enquiries on EG
Propertylink of 88% in July compared to the start of the year.
-- In contrast to central London. searches for offices as a proportion of
overall property searches also increased in the outer London borough from
just over a third in January and February to 45% in July.
-- While office searches in the City of London were back to levels last seen
at the start of the year in Westminster fewer occupiers and investors
were active with enquiries still down 20%.
-- In the West Midlands, a hotspot for searches for all types of property,
Birmingham saw an increase in office enquiries of 65% in July compared to
January.
-- Total office searches as a proportion of all property searches remains
the same.
The EG Propertylink Occupier Sentiment Report also shows that
the rate of enquiries for all types of commercial property bounced
back in June and July having plunged to a third of January's levels
in March as lockdown began. Offices has been the slowest market to
recover with interest behind other commercial property sectors.
Coventry tops the table, seeing the biggest increase in property
enquiries overall in July compared to January at 119%, followed by
Birmingham 95%, Hayes 92% and Slough 74%. Rural counties make up 5
of the top 10 counties for an increase in commercial property
searches in July compared to January. Shropshire tops the table
with a rise of 111%, followed by Suffolk 87%, Dorset 56%, Devon 54%
and Wiltshire 47%.
Enquiries for all types of commercial property were also up
nearly a third in June compared to the same period in 2019.
Interest in retail space has also increased post-lockdown
despite the well-documented struggles on the High Street. Retail
enquiries on EG Propertylink were up 44% in June compared to
January. However, Government changes to permitted development
rights which make it easier for developers to convert retail space
to residential is most likely behind the interest rather than from
retail businesses.
Dr Nadia Elghamry, EG Propertylink Senior Product Manager said:
"COVID has changed the way we all live, work, shop and play and
there's huge speculation about where the property market might go
now. Our data provides a leading indicator showing what occupiers
and investors are thinking and doing when they search for property
on our site. Unlike other reports based on deals that happened in
the past this data gives a glimpse into where the market is
heading.
"Offices was one of the hardest-hit sectors with demand dropping
15% through the pandemic but that hides a series of true success
stories for workplaces in satellite and suburb locations. We've all
gone back to our local shop, is it now time to think about local
hub and spoke style offices?"
Read the full report here.
About EG
EG is a market-leading provider of data, news and analytics
products and services to the commercial real estate market. EG
products and services address the challenges and the data demands
of all sectors and industries within UK commercial real estate. We
deliver industry-leading events and weekly magazine content, and
market leading data products including the EG Radius Data Exchange,
the only contributory data sharing platform for the UK commercial
property market.
EG Propertylink is the UK's leading marketplace dedicated to
commercial property with over 2.6 million unique visits and 190,000
enquiries from occupiers, investors and acquisition agents. Over
400 agents nationwide list their available properties on EG
Propertylink making it one of the biggest sites for property
listings in the UK.
# # #
Media Contact:
Name: Michelle McCann
Tel: +44 (0)79 12847655
Email: michelle.mccann@egi.co.uk
View source version on businesswire.com:
https://www.businesswire.com/news/home/20201006006049/en/
CONTACT:
EG
SOURCE: EstatesGazette
Copyright Business Wire 2020
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