16/2/21 – Commercial Property Market update: Hertfordshire

Whilst the lockdown continues and social life for all has been dramatically affected, it would appear that businesses are preparing for a reduction in lockdown restrictions and a step forward to some form of normal life.

Matthew Bowen, Director at Aitchison Raffety, reports that January was the busiest month for commercial property enquiries for three years and February looks set to continue this trend. Combined with this it would appear the larger companies are now looking to commit to their property requirements going forward.

The St Albans commercial agency team has already put approximately 50,000 sq ft of office lettings in solicitors hands in 2021 which were made up of only four transactions. In addition, around four other potential lettings, all of sub 2,000 sq ft, have been put into solicitors hands during this period.

It is not just the office market which has been strong, with a number of deals agreed on industrial units (a market which has constantly remained strong) and retail. The main issue has not been demand but one of a lack of supply.

This remains significantly restricted with few properties coming onto the market, particularly for sale where demand remains very strong.

If you are looking for new premises or have a property to sell/let, do get in touch with our Commercial Agency team on 01727 843 232.