Anthony Ogley, commercial property partner at Fraser Brown, tells us what’s on his Christmas wish list and what’s next for his sector in 2017.
Work wise as I’m relatively new to the Fraser Brown team, I’m looking forward to enjoying success in the East Midlands business market. On a personal note, high on my Christmas wish list is for the football team I support, Sheffield Wednesday, to achieve similar success on a national level in 2017.
My area of expertise is in the development sector and in my opinion 2017 is going to be a year of both uncertainty and opportunity.
There is a national need for housing but the uncertainty in the residential housing market impacts the ability of developers to predict their end unit prices and this in turn impacts whether land is acquired and developed.
There is, and will continue to be into 2017, a market demand for commercial sheds, but lending to fund such developments has not been readily available and until it is the situation is unlikely to change.
Brexit continues to cause uncertainty and the result is that many individuals and corporate entities, who are tenants for business premises purposes and who may have been in the position to either acquire or develop and acquire freehold business premises, are unlikely to do so until there is more certainty.
However, such strategic and considered behaviour will, in my opinion, serve to fuel the landlord and tenant side of the market thereby generating competition and activity as well as potential for better investment returns. Furthermore, there is potential for growth in the commercial development sector and we may see more pre-let and forward funded type development deals.
For those individuals and corporate entities that have access to funding, the commercial property sector is currently, and is likely to continue to be into 2017, awash with opportunities and this is positive and exciting for the forthcoming year.