Business Link - Business Predictions 2022
“We will unfortunately see the fallout from the Pandemic of the previous two years continue with the end to the rent moratorium looming large on the not-so-distant horizon. Rental values and lease arrangements have changed and will continue to have more emphasis on flexibility. Occupancy rates for commercial property will see some fluctuation with new models of hybrid working becoming the norm. And, the shift in retail habits towards online presents ongoing challenges for retailers.
However, this also brings a real opportunity for local independent retailers and agile businesses. Areas of Nottingham such as Bridlesmith Gate and Exchange Arcade that have lacked footfall and failed to meet customer demand, now provide an opportunity for local landlords to reimagine the high street. There’s a real appetite to introduce a new demographic of customers, wanting a memorable retail experience and with the right blend of new brands, high street names and independent outlets.
We predicted a few years ago that Hockley would flourish, with national operators appearing alongside successful independents and have worked hard to make that happen. Box Property has delivered on this prediction concluding new lettings to Pho, The Fat hippo, The Bakehouse and various others. This will continue with Hockley extending further into Sneinton Market, creating a thriving hub of arts, indie retail and hospitality, with a similar vibe to Bristol’s Clifton Triangle and Bold Street in Liverpool.
Hockley is thriving, and will remain so, but my tip is to watch out for Sneinton Market. I think it has the potential and the space, both indoor and outdoor, to replicate the successes of Hockley and I envisage positive momentum leading to national interest and lettings."
Read the full piece here in Business Link.