Talking Point: What's in a name?
Jonathan Moore of Shortland Penn + Moore discusses the impact a change of branding can have on a company emerging from the downturn.
We changed our company name last week. We were Shortland Horne Commercial for over a decade but, to reflect changes within the business, we are now Shortland Penn + Moore.
To the outside world, it probably looks as if all we've done is alter our sign boards, print new letterheads and change our web address.
If I'm honest, that's what I think when another company changes its name, but actually it's been a fascinating year-and-a-half and is one of the most interesting exercises any business can go through.
We've looked at everything we do – so all aspects of commercial property including sales, lettings, professional services and investment agency – and made sure we do it all to the highest possible standards on behalf of all clients.
Every industry has been affected by the economic conditions over the past two or three years and commercial property has probably felt it more sharply than any other.
That's led to a great deal of reflection on what we do and how we do it, because every client now is looking for the highest levels of service for their money.
There are signs nationally – and certainly in Coventry, Warwickshire and the Midlands – that certain areas are showing strong signs of improvement and are performing well.
We believe that the industrial market is getting stronger and we feel that some landowners should start to consider speculative building units as there is little supply of good quality stock.
The office market is still yet to start getting back to anywhere near pre-recession levels and the leisure sector has struggled too as consumers’ discretionary spend has been hit.
That said, it hasn't been completely doom and gloom for the past three or four years. Deals have been there to be made and you only have to look at our recent sale of the Royal Mail building at the Pilot Business Park in Coventry to see that commercial property is regarded as a strong investment.
An office scheme we marketed between Warwick and Stratford has also recently been fully occupied. It's been harder work than it would have been, say, three years ago, but we've made sure no stone has been left unturned to make it a success.
In Coventry, there are positive signs for the future surrounding the wider, long-term plans for city centre development and also the recent announcement of the Barberry scheme and Bishop Gate in the city which will include a supermarket.
And also there is the very strong potential of landing an enterprise zone surrounding Coventry Airport which would be a major draw for investment into the region.
So, whilst it's been tough for a few years and still remains so, we can see great potential on the horizon and it’s important that we are all ready to seize that and make the most of it.
