Southampton leads the way for commercial property appeal

Michael Lloyd

June 25, 2018

Southampton has the most commercial property appeal, where 43.8% of all properties listed online have sold subject to contract or under offer, online commercial estate agent Virtual Commercial has found.

Despite the slowdown in the oil industry, Aberdeen places second with 36.9% demand, followed by Cambridge with 35.7%. Brighton (27.9%) and Bristol (23.5%) complete the top five cities for highest commercial buyer demand.

Andrew Vertes, chief executive of Virtual Commercial, said: “The intention of a number of high profile companies to leave London once the Brexit process has been finalised has been well documented.

“In addition, the continued uncertainty hanging over our exit from the EU has resulted in a reduction in commercial property demand across the capital.

“But while London currently sits on the sideline, there are a number of other areas of the UK seeing strong gains in the commercial market.

“We’ve seen similar movement in the residential whereby alternative regional towns are benefiting in all areas of the market, due to more affordable price tags, more realistic expectations from both buyer and seller and a consistency in the level of market activity.”

With Brexit uncertainty leading to the migration of big business from London, the capital is not only home to the largest volume of vacant commercial properties, but demand for these properties is at just 14% based on the ratio of sold stock to total properties listed.

The only cities that are currently less appealing to buyers on the commercial market are Cardiff (13.6%), Portsmouth (12.6%), Swindon (11.2%) and Oxford (9.5%).

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