PROPERTY
WORDS : PAUL FRASER PICTURE : CHRIS BOOTH
Commercial property remains in high demand
Parker Barras founder delivers market verdict
Even in times of change , Middlesbrough-based Parker Barras senses there is still “ an abundance ” of money in the commercial property and business market .
The award-winning commercial property consultant and business transfer agent traded strongly in July and August , despite the ongoing uncertainty in the current financial climate .
Notwithstanding adjustments to working practices brought about by Covid and the increases in the cost of living , there is still a demand for sales in the industry .
Parker Barras has recently been instructed by Regus , a worldwide provider of flexible office space , to help fill refurbished offices at Fast Track House in Teesdale , Stockton , and nationally on more than 350 other office locations .
That Stockton contract alone suggests there remains a demand for different sizes , despite much-publicised suggestions that more companies are allowing staff to work from home .
John Taylor , founder of Parker Barras , said : “ Regus are creating a range of flexible working spaces , offering easy-in and easy-out terms . People expect a much higher standard of office space now , too .
“ Gone are the drab days of magnolia walls and the like , people want airconditioned places with breakout spaces and glass walls .
“ Fast Track House has river views , has on-site parking and Regus will provide furnished office spaces as well . They are great for companies of any size because you can upscale or downsize relatively easily .
“ On top of that , all the bills are included with the rent , so costs are fixed and easier to manage . This is a sign of what people want from an office now – and it isn ’ t just about allowing staff to work away from the office .”
John does sense that working weeks are becoming shorter .
He said : “ On a Friday we are seeing how calls and enquires have dropped massively on the afternoon . More people are unresponsive on a Friday , some are doing four days or four and a half days work now .
“ We are seeing companies migrating to this flexible working four-day week and it doesn ’ t suit all businesses , certainly not . It is not always ideal to work from home .
“ At the start of Covid people said it would be the death of the office , but looking at what is being created now in the North-East , it is all about the high-end office space and staff wellbeing .’’
Parker Barras ’ s strong results over the summer months , which historically tend to be quieter than the rest of the year , have been achieved despite the concerns nationally .
The Middlehaven-based consultant charges no up-front fees , offers a free market appraisal and advertises on more web platforms than any other agent in the
UK – a few of the reasons why it has seen business continue to grow .
John said : “ We still get an abundance of people wanting to sell businesses and sell property , it has kept us motoring through .
“ We are seeing a massive rise in those who are disposing of a business , whether it is because of a change of lifestyle , retirement or a change in circumstances . But one thing is for sure - there is still an abundance of money around and plenty of transactions getting completed .
“ The consensus is that there will be a correction in property prices , with interest rates going up , which will increase the cost of borrowing , as well as ever-increasing energy costs , which all point towards a downturn in the economy .
“ For some that will spell disaster , but for savvy investors it spells massive opportunities – ultimately , people will need to sell or dispose of a property or businesses because of financial distress . Investors will be there to take advantage of situations .
“ In other cases there could be a bit of a Covid hangover . Businesses hanging on , and the increase of energy prices might be the tipping point for many . An investor can come along and save the business by restructuring it with a fresh pair of eyes .”
For further information check out parkerbarras . co . uk
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