Vanessa Penn, Penn Commercial's Managing Director, shares her thoughts on the first half of 2025...
Penn Commercial has had a busy first half of the year, with some landmark lettings and sales, including the freehold sale of a 29,424 sq ft (2,734 sq m) warehouse in Parham, and Waterfront House along Ipswich's popular quayside.
The second phase of Orwell Logistics Park has also moved towards completion.
We are pleased to welcome Shaun Collins AssocRICS to our Commercial Agency team, and Liz Whyte is now heading up our financial functions.
In terms of enquiries, we have been seeing an uptick in outside storage enquiries. Demand for freehold industrial is still strong, with a general lack of stock across Suffolk.
High street retail has improved, with some better-quality enquiries from new entrants to the market in terms of cafes, restaurants and lifestyle retailers. Many are seeking to relocate from secondary locations, as rents are now more competitive in the prime town centre pitches.
Penn is excited to be promoting the Great White Horse Hotel to attract some new names to Ipswich's main retail and leisure thoroughfare.
Office requirements affiliated to Sizewell C continue to come in - for instance, Penn has secured office accommodation for construction solutions specialist, Kilnbridge, at Fox's Marina - whilst the industrial/warehouse market is remaining strong for smaller units and freeholds.
Tax increases in the Budget have caused a slowdown in mid-box stock, along with pressure on staff costs, utilities and Landlords' rental expectations.
As a result of the challenging economic conditions, tenants are seeking shorter leases and longer rent-free periods to compensate for relocation/setting-up costs.
Penn Commercial has also carried out a number of planning and demand reports for developers seeking change of use, from commercial buildings to residential; this is a sector that continues to grow.
Generally, businesses in East Anglia are showing resilience against economic volatility, particularly in relation to US Tariffs and the associated instability, along with increases in employer National Insurance contributions.
For all your commercial property requirements - industrial, office, retail and land - large or small, please get in touch with the friendly, knowledgeable Penn team on ☎️ 01473 211933 / 📧 This email address is being protected from spambots. You need JavaScript enabled to view it.
To find out more, visit the website at www.penncommercial.co.uk