From January 1 to the end of March, more than 350,000sqft of existing industrial property has successfully changed hands in Hull and the East Riding – a sign that the sector is continuing to thrive.
In North East Lincolnshire, the picture is equally positive with 248,444sqft of industrial premises acquired by new owners and a further 26.30 acres of industrial development land also snapped up.
With deals totalling more than 200,000sqft lined up to be completed in April, the industrial property specialists at PPH Commercial believe this is a great sign that businesses in the region are not letting Brexit affect their growth plans.
Commenting on the current confidence in the market, director Ben Medhurst said: “The industrial sector is in excellent shape at the moment. People are not waiting for Brexit or sitting on their hands. They’re being positive and that’s why the market remains very active.
“Obviously, no-one knows exactly how the Brexit decision will affect their business, but there are clearly some good solid local companies who are refusing to let their ambitions be Brexit-led.
“As an experienced commercial property agent, we know our activity is a good barometer for the strength of the local economy. At the minute, the outlook is very positive. Hopefully, this will continue to be the case for the foreseeable future.”
Duncan Willey, the Divisional Director for Scunthorpe and Grimsby, added: “Obviously, it’s been the end of the financial year and people often invest at this time as part of their overall growth strategy. But the general feeling seems to be that business owners are fed up of hearing about Brexit. They don’t want to miss out on a perfect property so they’re being proactive and that’s a very promising sign for the local economy.
“We’ve been dealing with a real mix of SMEs and major nationals, who are making bold decision and pressing ahead with their plans regardless of the Brexit decision. As a result, demand for industrial property is high, which is always encouraging from a landlord or owner’s perspective.
“With quality industrial stock levels probably at their lowest levels for some time, we are obviously keen to acquire any properties which become available so that we can continue to meet the strong market demand.”
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