Our Teesside office were recently asked to provide an editorial on how we viewed the strength of the current Teesside market. Written just under a month ago the view was unanimously positive across all markets. SW Teesside have had one of the most positive starts to a year since the recession, with new agency instructions pouring in and lots of transactions completing, providing an overarching positive sentiment. The article is below:
Strength in commercial property market evident as Teesside flourishes
2020 has seen significant potential in Teesside’s commercial property market as we’ve been appointed to market several new properties and sites since the turn of the year.
Despite the various negative pressures affecting the economy at the start of the year the Teesside market has once again displayed its resilience with strong new developments and schemes entering the market across a broad range of sectors.
New instructions include over 75,000 sq ft of industrial space across sites in Billingham, Ponteland, Gateshead and Eaglescliffe as well as the sale of a hotel in Middlesbrough and a large site sale in Seaham.
As well as bringing a number of properties to the local market we are also working with a number of businesses looking to relocate within the region, this includes the search for 5-10 acres of industrial land and 5,000-10,000sq ft of space for a local charity.
North East commercial property expert Chris Dent commented, “The Boris Bounce was immediately evident in the London property market with a predicted 20% rise in global investment in London commercial property so it’s fantastic to see a knock-on effect in local regions as well.
“When I first entered the Teesside market with Sanderson Weatherall I relished the opportunity of working in a relatively untapped market so it’s great that only a year later we are already witnessing the market going from strength to strength.
“Despite being a relatively small market, the Teesside property market is an incredibly dynamic one with a lot of activity, particularly in the industrial and office sectors. As an office we’re working alongside occupiers, owners and investors throughout the region with the ability to combine local knowledge with our teams experience and expertise!”