Despite all the scaremongery that was flying around before the referendum vote it is evident that calm seems to be prevailing. The uncertainty created by the referendum did impact on both new commercial instructions and enquiry particularly two weeks prior to the vote. Perhaps it is questionable whether the politicians leading the campaign for in and out should have resorted to such lengths which helped create the uncertainty in the business community. Since the result we are noticing that companies who are major traders with the EU are forging their own contracts with EU companies their confidence is then returning and are looking at their requirements for both commercial and business premises.

The reality seems to be that manufacturing companies are not just going to shut because of the possible exit from the EU but are looking at the wider market and for opportunities not just within Europe but Worldwide. It is hoped that this then leads to their requirement for larger business premises, when it seems likely that interest rates may increase and quantative easing would be introduced. This did not help to stabilise markets and statements that the commercial property market could be affected did not help restore confidence. The fact is that life goes on, people need to earn a living and without commercial property companies cannot trade.

The wealth of an area is often measured by having successful industrial and business premises stablished in an area. Kidderminster’s development particularly along the Stourport Road is now very evident and companies will continue to be attracted to this area with the prospect of both economic and commercial growth. This should then result in the town centre shopping areas seeing an increase in trade and hopefully more new retailers will be attracted to the town centre. There is certainly no shortage of vacant properties for them to choose from.

A recent meeting of the Wyre Forest Town Team discussed at length measures needed to rejuvenate Kidderminster town centre and it was good to see that the council are actively pursuing a number of options all of which should help breathe life into the town centre and be good for retailers. Several properties in Worcester Street are currently being auctioned and eventually I can see a situation where some of these shops which have first and second floor accommodation could have self-contained living accommodation and a smaller retail unit on the ground floor, similar to the conversion works which have been carried out in property in Oxford Street, Kidderminster. The uptake for small shop units in both Bewdley and Stourport continues to be good, as it is when letting retail shop premises outside Kidderminster town centre. As we enter the peak holiday season it is anticipated that commercial property enquiries will tail off and it is hoped that stronger growth and increased transactions will become evident in the early autumn.