The region is rapidly running short of good quality commercial space and we will need to see some development activity starting soon, to meet the level of demand, particularly in Redditch and Bromsgrove.

It has just been announced that Redditch is to have its first speculative development in over five years when work starts on Hepworth Park which will see seven new industrial units brought to the market in the Spring of 2014.

The development sits on Brook Street in the popular business area of Lakeside in Redditch. It will offer seven lofty warehouse/industrial units with 6m plus eaves heights.

But otherwise it is hard to think of many opportunities like this coming through in the area.

Recent months have seen a surge in completions both of sales and lettings with a significant amount of deals set to complete in the next few weeks.

A number of the industrial estates that we are sole agents on, including Colemeadow Road, Dunlop Road and Thornhill Road are, or are very close to being, fully let. We have also seen a significant increase in activity in the office market since the start of the year both in terms of leasehold and freehold deals.

It seems to me that it is the SME market that is leading the way and that is good news for the town, as SMEs are more likely to recover quickly from a downturn and also create more jobs more quickly.

At Colemeadow Road Industrial Estate for example recent arrivals include Orthomotion, an established orthopaedic consultancy, renewable energy specialists Greenway Energy and automated gate specialists D. Allum Fabrications – which has taken space there in addition to premises it already occupies in Stourport-on-Severn.

Redditch and Bromsgrove is well favoured at the moment

It is hoped that north east Worcestershire can benefit from the M42 Gateway Project which will see economic spin off in the areas bordering such key economic drivers as Birmingham Airport, the National Exhibition Centre, Birmingham Business Park and the Blythe Valley regional investment site.

And I believe that developers are pushing on an open door in Redditch and Bromsgrove. Planners are acutely aware that there is plenty of opportunity for growth in available industrial and commercial space in the area, and they know that good quality business space is a major factor in attracting businesses such as those mentioned earlier that are set for growth.

We need to encourage development in the area – and we can’t afford to wait.

It seems that finance is finally becoming available, albeit with many caveats and guarantees required, and for those who want to develop in Redditch – whether bricks and mortar or their own businesses – the time is right.