Landlords “must spend” to take advantage of Midlands Engine
The Midlands Engine will help raise the profile of the East Midlands as a place to invest, but only if landlords spend money on their property portfolio, according to one leading regional property figure.
Matthew Smith, lead director at JLL in the East Midlands, was speaking at the JLL Property Predictions event in Birmingham this week.
He said: “We’re seeing a spark of activity in the East Midlands. However, the region needs to react quickly because big moves are sometimes incredibly long-winded and we have such a shortage of stock.
“We showed investors around the East Midlands last year, but we don’t have the physical stock for them to move into. Investors are typically looking for 30,000sq ft or 100,000 sq ft Grade A and B offices, and so I’m saying to landlords that they have to invest in their properties now to attract key names to the East Midlands.”
Smith said the East Midlands has a “real opportunity” to attract these investors but that it was key for the City Councils and planning departments to be receptive and to try and “make things happen”.
Smith added that the first half of 2016 had seen “average” take-up office stock, and that the modest figures weren’t just because of Brexit. He said: “Some occupiers paused – we just didn’t have right quality stock.”
He added: “I’m not sure I know what the Midlands Engine really is, but I like the idea of the East Midlands slotting alongside the West Midlands.
“Over the years, the East Midlands has diluted its own brand via intercity competition. There is now an opportunity to work together through LEPS and local authorities to sit alongside Birmingham’s international profile.”
