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Bounce back is at risk in Midlands

Birmingham and the Black Country’s ability to bounce back from the economic chaos caused by the Covid-19 pandemic risks being seriously undermined by a severe shortage of industrial units to buy or to rent, according to a commercial property agent.

Ed Siddall-Jones, managing director of Siddall Jones which has offices in Birmingham and Dudley, said the problem was a serious Midlands-wide issue that is damaging the region’s recovery.

And he warned that prices for both freeholds and leaseholds are set to rocket if the amount of industrial space coming to market continues to lag well behind demand.

“Essentially, there is a severe shortage of industrial stock and both rental and capital values are set to increase exponentially. Most of our industrial instructions are achieving well over the asking price or rental quoted, and in most cases resulting in us having to go to best and final offers.”

He cited a flurry of sales and lettings by Siddall Jones in recent weeks including: