In this month’s TSR Legal Meets is a little different, as Hannah Williams, Senior Legal Recruitment Consultant (Property Division), speaks to Simon Watson-James, Partner for Out of Town / Professional at EJ Hales – independent specialists in retail & leisure property.
In ‘TSR Legal Meets the Agent’, Simon shares the performance of the commercial property market in 2024 so far, the opportunities for EJ Hales and how his team support retailer, investor and developer clients through the nuances of the property markets. In this useful read for Commercial Property lawyers, Simon also offers some thoughts on the impact of the shifting political and economic landscape in Wales, and celebrates his team’s achievements this year.
Q: How has the Commercial property market performed during the first six months of the year?
A: It is very fragmented, top quality city centre offices are performing OK, whereas business park offices are continuing to be more challenging. High Street retail is OK particularly where planning consent is flexible, secondary shopping centres are struggling badly and are likely to continue in that vein. Retail Parks are performing well with good levels of tenant demand and almost record low supply. On the light industrial / warehouse sector, the heat has gone out of the market but it remains quite strong.
Q: What challenges are you currently encountering in the commercial market?
A: Interest rates are a problem, this has put pressure on tenants and landlords with significant levels of debt. They are leading to a more cautious approach.
Q: What are the most critical factors to consider when looking to lease your first Commercial Building?
A: Location is always at or very near the absolute top of the list. Other major factors are size, specification and cost of occupation. The quality and functionality of the floorspace which includes the specification are also key factors looked at by tenants.
Q: Which aspects of your job do you find most fulfilling?
A: Problem solving; a client has a problem and understanding all of the issues involved and helping them to plot the most advantageous course through it.
Q: What do you consider to be your most significant achievement over the last 12 months?
A: Getting strong interest through positive marketing of a particularly difficult property and lining up a very good tenant for it.
Q: What do you see the commercial market doing in the next half of the year?
A: Everyone is expecting some reduction in interest rates but I also expect there may be a small number of national retailers undergoing corporate restructuring (CVA, administration etc),particularly where they are affected by events outside their immediate control such as higher interest rates or change in customer behaviour. General elections are often significant events in property cycles, however, the outcome was so clearly predicted some time ago, it has made very few waves indeed.
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