The problem can be traced back to the global financial crisis of 2008, when the UK economy hit the buffers and bank funding evaporated, an in-depth report by Lancashire Business View has revealed.
“Most new builds you see today are owner-occupier led, where developers have somehow managed to secure a piece of land, or had access to land that they have been able to use for expansion.”
She said: “Developers are still risk-averse unless they have a pre-let or pre-sale arrangement.
James Leech, surveyor and valuer at Lea Hough, told Lancashire Business View: “There is a lack of good building stock and demand is outstripping supply in virtually all parts of the market, ranging from 1,000 sq ft starter units through to big warehousing and distribution spaces.
Some industry specialists fear the shortage is driving businesses out of Lancashire and into rival regions.
“There’s a lack of ‘big sheds’ and occupiers looking for distribution centre-sized premises are struggling to stay in the area.”
Andy Taylorson believes Lancashire’s Enterprise Zones have become part of the problem, rather than the solution – at least for non-aerospace businesses.
“If the enterprise zones were opened up and there was greater government investment in flexible building stock; that would help all businesses to grow.”
“For developers or employers looking to bring forward projects, we have an extensive portfolio of alternative employment and investment sites to meet a broad spectrum of business needs. “These are generally allocated by local planning authorities on the basis of suitability and how they match with local economic requirements.”
- The full in-depth property report, sponsored by Forbes Solicitors, is just one of a host of in-depth Lancashire business stories, issues, insight and analysis featured in the current issue of Lancashire Business View – Connecting the County since 2005.
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