20th October 2020 Lincoln Miles Regional Blog
The regional residential housing and commercial real estate market has no doubt been affected by the Covid 19 crisis and post “lockdown”. As the markets reopened we saw confidence building but this has clearly been slanted by the new governmental tier rules and restrictions, regional governmental rebellion in the North East and supported by the North West and the clear public confusion surrounding the same.
Whilst we see continued confidence in the North East residential market, we also see continued confidence and support for commercial real estate sales and lease deals with many new starts up businesses arising from Covid19.
Given Covid-19 has clearly accelerated the trend towards more flexible working around the world, it’s likely that we’re shortly going to see more demand for flexible office space, particularly in suburban and rural locations as people work closer to home and there are environmental and wellbeing benefits too, with workers having less far to travel to their desks.
Redundant and nontraditional space is being transformed across the North East to pave the way for flexible working.
We see an upsurge in Flexible office space and whilst it was clear and present prior to Covid 19 and growing within the North East – We clearly are going to see an upsurgence in flexible office space with people preferring modern, bright modern office space on an all inclusive basis with full facilities, local public transport links and free carparking on site.
Ongoing structural change in retail has resulted in many large units within the city and the high street often ex-department stores, or office blocks becoming redundant or sidelined due to pitches shifting, or a general declining need for retail space as consumers shop more online.
One certain factor in the growing trend to move towards and to flexible office space is that businesses, of all sizes are increasingly fed up with long leases, large utility bills, chaotic service charge budgets and terrible property management, coupled with high rents and lack of parking and a missing dynamic customer experience and employee working feel. Clients and customers want more – they want to feel valued and demand flexibility specific to their business requirements as there is no longer a “one size fits all”.
We are delighted to be involved in some excellent service office premises in North Tyneside, Newcastle upon Tyne and are growing our marketing portfolio of those wishing to seek out serviced offices or require advice on this exciting growing offering across the North East!