WORKSHEET EC6: COMMERCIAL AND INDUSTRIAL PROPERTY NEEDS
TASK: to identify whether there are likely to be enough commercial and industrial properties for existing and new businesses
1: Introduction to the task
It is important to keep in mind that the typical profile of rural self employed is for one third to work from home and one third to be mobile.
2: Getting the following information will provide some key facts about the commercial property market in the local area
Sub-section 1: Supply of property
EC6 Q1
LOCAL PLAN ALLOCATIONS:
How much land for development has been allocated in the Local Development Plan plan?
(Worksheets EN1; EN2; EN3 Q4; S2; S3 Q11; S5 Q8; S6 Q1,3 also refer to the built environment. Worksheets EN1 Q7,14; EN3 Q4; S2; S5 Q10; T! Q3 also refer to development)
Starting points for information
District Council
Local property agents
EC6 Q2
FLOORSPACE:
a. What is the total amount of commercial and industrial floorspace available?
b. Where is it?
c. How much of it has been built or let in the last three years?
Starting points for information
District Council
Local property agent
EC6 Q3
How many premises suitable for new small businesses are there at affordable rents?
Look at the number of smaller premises and find out rent levels.
Starting points for information
District Council
Local property agent
EC6 Q4
How many premises are there that allow for expansions‘ or grow on‘ by existing local firms?
Generally, you will find shortages are more often in the space for expansion rather than for start up premises
Starting points for information
District Council
Local property agent
Sub-section 2: Demand for properties
EC6 Q5
AVAILABLE FLOORSPACE:
a. How much available office or industrial floorspace is vacant or on the market?
b. Where is it?
Starting points for information
Local property agents
District Council
Surveys of local employers
EC6 Q6
VACANCY TRENDS:
What have been the trends in vacancy levels in industrial and commercial property?
Compare historical vacancy levels in properties of different ages and sizes.
Starting points for information
District Council
Local property agents
EC6 Q7
RENTAL TRENDS
What have been the trends in rental returns in recent years?
Compare historical data on commercial rents. Note that increased rents and yields denote greater demand for floorspace.
Starting points for information
District Council Valuation Office
Local property agents
EC6 Q8
FUTURE PLANNED EXPANSION:
a. How many existing commercial and industrial businesses are there with commitments to expand?
b. Where are they located?
(Worksheets EN1 Q7,14; EN3 Q4; S2; S5 Q10; T! Q3 also refer to development)
Starting points for information
Local employers
Business Link
Regional Development Agency
EC6 Q9
FUNDING EXPANSION
What economic development and funding initiatives are in place to assist the expansion of local firms and incoming firms?
Starting points for information
District Council
Small Business Service
Regional Development Agency
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