The Welsh commercial property market – especially in Cardiff – appears from the outside at least, to be a hive of activity. However the recent new commercial property plans and developments doesn’t seem to have converted into business confidence.
A new study by multinational economics firm, Deloitte, has announced that Welsh businesses remain cautious about moving to new commercial property amid concerns about the state of UK economy. The survey questioned a total of 300 of Wales’ most prominent business leaders.
However, despite businesses being cautious about moving to new commercial property, The Western Mail has reported that 47 per cent of the 300 companies surveyed felt now is a better time to commit to property investment than during the recession.
This news will be very worrying to the investors and councils alike, who are in the process of spending vast amounts of money on a number of commercial property developments in and around Cardiff.
However, it is not all bad news and Phil Jones, partner at Deloitte in Wales, put a positive slant on the research, saying: ‘Despite a sense of caution when it comes to investment in expansion and the acquisition of additional commercial property, businesses in Wales are beginning to display signs of optimism… Organisations are appreciating the opportunities available to them in Wales and are prepared to consider the possibility of expanding their regional presence in order to diversify or to extend their existing portfolio of offerings to adhere to the needs of clients and keep up with competitors…The forward-thinking businesses are those which appreciate the opportunities within Wales but are also open to opportunities further afield and are prepared to expose themselves, sensibly and strategically, to some degree of risk for the benefit and future of their business.’
With a number of commercial property developments going ahead in Wales, the next task will be to develop further confidence in the commercial property market amongst businesses.
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