In Focus: Hot property?
It hasn’t been a vintage 12 months for the commercial property market, but this week’s judging session for Insider’s Yorkshire Property Awards showed that there is still plenty to admire.
I’m not going to tell you which agents, architects, deals and developments have scooped the coveted titles – you’ll have to wait until 6 October to find that out – but the quality threshold remained high, despite the overall decline in activity.
Entries came in from across the region, from Wakefield to Whitby. And there was a genuinely optimistic atmosphere within the judging session, thanks to some eye-catching developments that have had a transformational impact on parts of the region. The quantity may not be there yet, but the quality is.
However, for me, one theme shone through.
The commitment by some developers to see projects through to completion, despite the recession, was impressive. While many schemes have been placed firmly on the back-burner, or even cancelled altogether due to concerns over pre-letting, there were several examples of close cooperation and communication between public and private sector to press ahead and finish on time.
Thoughts are now turning to 2011, and whether the industry can pick itself up off the ground.
Opinion is split on when things will improve remember that for every Trinity Leeds there is a Westfield Bradford-sized hole in the ground – and there is evidence to suggest it could get worse before it gets better.
The public purse is closing fast, and some feel that 2011 could be the year that the property market really feels the pain.
The winding down of Yorkshire Forward will be felt more acutely next year, since the outgoing RDA has done so much to encourage and part-fund regeneration projects.
However, I’m not going to let the blog pass without offering a chink of light.
Speaking to Philip Ryan, chairman of Sheffield-based construction firm JF Finnegan the other day, he gave a cautiously positive outlook for the region. Ryan said that overall it has been “pretty grim” this year.
He expects the construction industry to continue to suffer in 2011 but, notably, he points to better times ahead for the property market.
“2011 will be much harder than this year in construction terms. In property terms, I don’t think it will be as bad as last year. There is a huge weight of funds out there, not just UK funds but Chinese and Indian funds too,” he said.
You can read more thoughts from Ryan, along with other business leaders and industry experts, in Insider’s annual Yorkshire and Humber PLC 2011 report, which will be winging its way on to your desk next month.
