Fenn Wright commercial property market overview

We are pleased to report that 2022 was one Fenn Wright Commercial’s busiest years on record, and between our three commercial agency offices based in Chelmsford, Colchester, and Ipswich, the number of properties we sold, let or acquired was up by 30% on 2021.

Total sales values increased by 9% to £45.3m and lettings were up by 4% to £6.02m, comprising over 260 transactions and accounting for just under 1,700,000 sq ft.  We are also currently topping the table once again as the ‘Most Active Commercial Agents’ in Essex and Suffolk, according to the Estates Gazette.

The industrial/warehouse sector undoubtedly remains the strongest, and although weakening investment yields have had an impact, there are still plenty of strong local businesses looking to secure more space which is driving demand, ensuring rents and capital values remain healthy.

The office market is continuing to evolve, with flexible working patterns requiring hybrid space and many of the creature comforts that you would expect at home – focussing on high quality and well located space.

The town centre retail sector has regrettably seen more closures than new shops opening, however, it is not all doom and gloom as a more flexible planning regime allows new uses to be secured for vacant units, which will ultimately lead to much more diverse and interesting town and city centres.

As for 2023, no doubt there will be plenty of challenges if the nation’s business fortunes falter, although hopefully, the effect will not be as severe in our region.  Our diverse economy and relatively low-cost base should stand us in good stead to weather the storm.  There is every reason to be encouraged by the longer-term regional outlook and there will be plenty of interesting opportunities for those with the foresight and confidence to continue investing in the area.

With a total of 22 staff and Partners within our Commercial team, we have the ideal combination of skills, market knowledge and experience to assist our clients, old and new, with all their commercial property needs during 2023.  If you would like advice on any aspect of commercial property, please get in touch with one of the team here.

Below are some notable transactions from our Commercial agency team, concluded during 2022: