Increasing number of North West businesses looking for larger premises

Around one in 10 companies across the North West have said they intend to look for larger premises over the next 12 months, according to a new survey.

The third Business Occupancy survey from law firm Irwin Mitchell discovered that, of the businesses that said their property requirements had grown, just under one third (30%) found city centre locations to be the most preferable.

A similar number are looking for property located near strategic transport hubs.

The percentage of companies in the North West that said they were looking to expand was roughly in line with the national figure, which stood at 15%.

Elsewhere the report, which surveyed the opinions of 250 businesspeople, found that a little under half (45.8%) of North West respondents expected their rents to increase in the coming 12 months.

Further, about 29% said they thought landlords were raising their prices without justification.

Irwin Mitchell’s Manchester-based head of real estate, partner Anita Weightman, said of the findings: “Commercial property requirements can be an accurate barometer of economic sentiment and although the majority said that they were looking to stay where they are, many say that they are adapting their premises to accommodate more people.

“The fact that one in 10 say that they are looking to take on more space is certainly a positive development.”

The Business Occupancy survey also found that 37% of company bosses considered the most important factor in driving economic growth to be boosting the transport links between cities. Furthermore, 39% said they thought that of all the infrastructure projects, new or upgraded railways would have the most positive economic impact.

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