The build up to the 23rd June looks set to be an interesting and tense period to what will be a very significant day for the future of Britain.
What impact has the EU referendum had on the Cambridge Commercial Property market?
With some leading figures and industries strongly voicing their views on the outcome of the EU referendum, it appears the commercial world seems somewhat divided. But what impact has this impending vote had on the commercial property market?
In the Cambridgeshire and East Anglia regions, a decrease in demand for larger office units has been evident in the market since the announcement of the June voting date. In Q1 2016 the number of enquiries for larger units of, over say, 10,000 sq ft has seen a relatively dramatic decrease. Whilst the lack of stock is undeniably a problem, the fact that requirements and actual enquiries for this property type and size have reduced could be an indication of hesitance to invest or commit to long term leases in what some deem to be an unstable market.
Similarly, the number of investment properties coming to market has also decreased thus far in 2016. Once again this could be a sign of owner’s hesitance to bring properties forward in a market that may be seen as unpredictable and where the best values cannot be achieved.
Despite the market demand for larger units reducing, smaller unit requirements have continued at a relatively steady rate. The requirement for these smaller units, regardless of whether they are for retail, industrial or office space, appears to be continuous irrespective of the build up to this vote. It would appear that the larger national and international firms place greater levity on the outcome, whilst sole traders and smaller firms are continuing day to day business with less concern.
Overall, whilst there appears to be some degree of hesitance in the market for larger units and investment properties, the resilience of areas such as Cambridge, could mean that these impacts are only likely to be a short term concern regardless of the outcome.