Property Focus: The Interview – David Tonks

DAVID Tonks, head of office agency with DTZ in Birmingham, discusses his wishes for fishing in the region and being a fan of the New Street Station regeneration on Property Focus.

If you are interested in taking part in ‘The Interview’, please email tamlyn.jones@thebusinessdesk.com and click through to see all our previous Property Focus Interviews.

1. What are your views on the current state of the commercial property and property development markets?

Markets have a habit of reminding everyone that they are cyclical and opportunities continue to arise in unexpected ways. Despite the economic climate, occupational demand has held up well within the city centre over the past three years.

Consolidation and cost control are key drivers of demand and this trend looks certain to continue over the next 12 months. Competition among landlords and absent tenants suggest attractive terms will continue to bring demand to the market while exceptional value for money exists.

Development will largely be driven by pre-lets over the next few years. The diminishing supply of good quality space, which meets the requirements of larger financial and professional occupiers in particular, is likely to result in more pre-let conversations as the economic situation improves and employers seek property offering a more flexible working environment and satisfying green credentials.

2. What are the key challenges and pieces of legislation you think will most affect your sector over the coming months?

I do not believe the property industry has yet identified sufficient alternative uses for outdated office buildings which no longer attract occupational demand. This problem exists in many regional markets.

The overhang of tertiary space distorts the market in a way which is not generally evident outside of the property industry and this scenario is unlikely to change until valuers, agents and investors fully recognise the true value of outdated buildings.

In the development market, the substantial cost associated with taking a scheme through the planning and design stage will inevitably result in a delay between the strengthening of occupational demand and the supply of new space. Locally, there is every chance that the proposed Enterprise Zone status of central Birmingham will ease this challenge in a number of different ways.

3. Why do you think the West Midlands is a good place to do business?

The wide range of businesses located here means we are not dependent upon one particular sector. The accessibility and demographics of the region will ensure this situation continues. The improving infrastructure around Birmingham in particular and the determination of the local business population, suggests the region will continue to go from strength to strength.

4. What is your favourite development in the West Midlands and why?

The New Street station Gateway project. The design of the scheme and the potential it has to help transform the perception of Birmingham city centre stands it apart from all other commercial developments in the city.

5. If you could improve anything in the region, what would it be?

The provision of public transport and quality of Premiership football. I would also like to see a trout filled chalk stream in the north of the region.

6. What was your first job and how did you enter your current line of work?

If you ignore holiday work on the fruit and veg stand in Sainsbury’s, I am still in my first job which I started immediately following graduation.

7. What do you most enjoy about your job?

The variety of work undertaken at DTZ, the challenges we face and the interesting people we deal with, all combine to make the daily grind more enjoyable.

8. What is the best piece of advice you’ve ever been given?

Listen more than you talk.

9. And the worst?

Take up golf – it will help you relax.