Member Article

"Positive signs” for region's real estate market as 2023 comes to a close, conference hears

Activity in Coventry and Warwickshire’s real estate market is showing “positive signs” as 2023 comes to a close, a major regional conference heard.

Professionals from across the sector came together to discuss the current market, challenges, and law updates at Wright Hassall’s Real Estate Conference on Thursday, November 23, held at its Olympus House offices in Leamington Spa.

The event included updates on the Levelling Up and Regeneration Act 2023 from Wright Hassall’s specialist planning lawyer John Gregory, a sector law update from Wright Hassall’s commercial real estate expert David Slade, as well as talks from Nick Sinclair-Wilson of BRI Group and a market update from Bromwich Hardy’s David Penn.

Andrew Jones, real estate partner and head of the development team at Wright Hassall, said: “This conference is always a great opportunity to share experiences and the biggest take-away from this is there are a lot of positive signs in the real estate market – both locally and nationally – with a feeling the UK economy is beginning to find its feet.

“The start of the year was challenging for many, but we are seeing a great appetite for deals in the industrial market in the last two to three months, although a lack of supply is keeping prices high and the real problem is how we can unlock that development potential.

“Retail is also showing encouraging signs with more activity in recent months as investors feel they can pick up good yields.

“It was also interesting to hear from David Penn as the stats suggest people are moving back to the office, but the type of offices people want are very different from five years ago, with greater demand for hi-tech, flexible spaces which is what we have been seeing from clients too.

“Whilst there is a positive outlook as we head into 2024, concerns remain over challenges navigating the planning system with a consensus that more needs to be done to simplify the time-consuming process to help get business moving quicker.

“The recent Levelling Up and Regeneration Bill has not yet provided the answers, while there are also concerns from many on how the planned Infrastructure Levy will impact developers, with much of the detail yet to be confirmed. Our team will be keeping a close eye on this and will be briefing our clients as updates emerge.”

Wright Hassall is a full-service award-winning law firm, which was established in 1846 and employs more than 245 people, including almost 40 partners.

This was posted in Bdaily's Members' News section by Matt Joyce .