The pandemic has had a significant impact in the UK, particularly in attitudes towards healthcare and maintaining a healthy work-life balance, which has led to some previously unforeseen trends across the commercial property sector.
Commercial property experts at Propertymark, the leading association for estate agents, have gazed into their crystal ball and made their forecasts for the commercial property sector for 2022, which we have a look at here.
The Care Sector
Propertymark predicts that there will be a focus on the care sector, as well as recognising the changing habits of where people shop, work and socialise, which will continue to be a major driver.
Commercial property agents are expecting an expansion of care home operators, who will be focussing on care for dementia and long-COVID health issues. This could be in the form of extending existing sits, new builds, or the conversion of existing and vacant commercial properties.
There is also a need for additional commercial space for other areas of the sector, for instance, the network of PPE manufacturers and suppliers, and lab and R&D space.
Smaller commercial spaces
A combination of remote working, furlough, and unemployment during the pandemic has seen an increase in online and home-based businesses, which has seen a new demand for smaller commercial property and units. It was reported that some home business owners have banded with others to create a ‘home business hub’ in larger units.
Low interest rates
The low-interest rates may see individuals rather than investors begin to develop a property portfolio, while commercial property and business buyers may be re-evaluating their portfolios and investments and considering the evergreen nature of future acquisitions to weather any lockdown storms of the future.
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