West Midlands to see commercial property boom
Three out of five small and medium-sized businesses in the West Midlands are looking to expand in the next two years.
Research by finance specialist Together shows nationally 58 per cent – nearly 3.4 million firms across the UK – say a boost in business is driving a need to move or extend their existing site for additional staff and equipment as well as space for storage.
In the West Midlands it is 60 per cent and also 20 per cent of SMEs in the region say they are worried that their ambitions to grow could be hampered by a shortage of suitable property.
Across the UK among firms with property plans, 30 per cent are looking to move to bigger premises while one in six (16 per cent) aim to extend their existing facilities. Another one in eight (12 per cent) will buy additional buildings or construct them from scratch.
Andrew Charnley, head of corporate relationships at Together, said: "There is real evidence of a property boom getting underway as business owners finally feel assured enough to commit investment into a move or to extend where they are. It is great to see that SMEs are genuinely on the move now that business confidence is returning.
"However, finding the right property may be tough for some. Firms will need to make sure they can move quickly once they spot an opportunity, so it’s advisable to have clear plans in place first – including finances, lenders and lawyers – to enable them to push ahead with their growth ambitions.”
