Caroline Robinson, Commercial Real Estate Business Development Manager of Search Acumen, comments:
“The commercial property sector faces significant upheaval in the coming years as occupier demand continues to decline across the board.
“The demand for retail spaces is shrinking as customers move online and big name high street brands fall victim to online shopping. Demand for office space is equally on the decline as companies embrace remote working in an effort to reduce overhead costs. At the same time, there is an increasing trend of commercial properties being converted to residential property and brownfield land being developed upon in an attempt to boost much-needed urban housing supply.
“As the socio-economic landscape shifts, we will need tighter planning regulations if we are to better manage and maximise the land and property available to us. There will likely be a rise in activity in the commercial sector once we leave Brexit behind us, but the longer-term disruption of the market cannot be ignored.
“Commercial real estate investors will need to innovate themselves if they are to make the most of evolutions in retail, office and residential spaces. Understanding the potential and limitations of developments will be key to maximising profits and moving with wider trends.”