It’s that time of year again when my firm, Innes England, publishes a look back at the previous years trading in the East Midlands marketplace.
We hold three events – in each of the cities where we have offices. Leicester was Tuesday, Derby yesterday and this morning the final one was in Nottingham yesterday. We get around 600 people to come along.
This is our 7th year of publishing data about key deals and average rents / capital values in the three cities. The last 5 years have been difficult stories to tell. It’s not pretty as they say. Most people in the Industry realise that the market remains a challenge. Money remains tight. Deals are scarce and tenant is king – at the moment. I don’t need to bore you with this data – you already know.
There is an interesting take on all of this – perhaps we are in a depression. We have certainly been in the doldrums for a long period – and I can’t see what is changing at the moment. I can’t help but wonder if this place we are in is the new ‘norm’. We hark back to the boom times of 2007 – but no one I speak to thinks that this era is back anytime soon. The sentiment in the market is not an optimistic one. Subdued would be an understatement!
Even the Bank of England speaker, Alistair Cunningham, said we shouldn’t get too excited about 2013. Growth is likely to remain non-existent.
So we bobble along the bottom again. For the foreseeable future
Will Rossiter Nottingham Business School summed it up nicely at our event yesterday – ‘the market is like porridge – lumpy’!
If you would like a copy of our Market Insite and couldn’t make the presentations let me know through here and I will make sure we get you a copy!