Small and medium sized businesses are set to drive a commercial property boom in the next two years, according to a new study.
Research from by finance specialist Together shows nearly six out of ten SMEs (58 per cent) – nearly 3.4 million 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.
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.
However, some businesses fear their ambitions to expand could be hampered by a shortage of suitable property.
Nearly three out of four SMEs in London (73 per cent) and 71 per cent in the North East are planning to grow their premises over the next two years. SMEs in Wales (64 per cent) and the North West (63 per cent) are also focused on growth.
However, the survey revealed that about 29 per cent of SME bosses say there is a real estate stock shortage in their area, with the South West facing the biggest shortfall.
Around a third (35 per cent) of companies are worried about the costs of moving while 27 per cent are concerned about the potential disruption. Around a fifth (19 per cent) say they are nervous about the process of moving.
Finance is also a concern for business owners, with around 200,000 SMEs saying they are worried about lenders not understanding their business, while nearly 300,000 are concerned about the speed of decision making by banks.
Pls Comment, like and share
Thinking of buying a property?
Need help with residential and commercial property purchase/finance in the UK from start to finish, Please Contact me
Selling or renting your property in Greater Manchester? Get same day EPC for £45 only