Dispelling the Myths about the Commercial Property Market
We are often asked by commercial property agents whether NovaLoca is an appropriate tool for marketing their commercial property. The answer is simple: Yes! NovaLoca lists any type of commercial property whether it is an industrial unit or office space, or even a petrol station, laboratory or a hotel. However, these queries lead us to dig a bit deeper. We have analysed property enquiries made via NovaLoca over recent months and discovered some interesting trends relating to enquiries about properties of different sizes and locations.
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Commercial Property Details
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% of all property enquiries on NovaLoca
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Commercial buildings over 4000 sq ft
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35
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Commercial buildings under 4000 sq ft
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65
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Larger buildings often get better representation in online and printed commercial property marketing thanks to their larger advertising budgets. 35% of leads generated via NovaLoca for clients have been for commercial buildings of over 4,000 sq ft suggesting NovaLoca is good place to market larger properties. However, NovaLoca is also proving very beneficial for smaller units where marketing budgets may be much less. Properties with a floor space of less than 4000 sq ft currently account for the remaining 65% of enquiries made via NovaLoca. At just £50 per listing for six months marketing commercial property on NovaLoca offers great value especially for these smaller properties.
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Commercial Property Details
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% of all property enquiries on NovaLoca
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Commercial properties in the North
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46
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Commercial properties in the South
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54
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NovaLoca’s nationwide coverage is also proving attractive to agents across the UK with commercial property to market. Since January this year, 46% of enquiries through NovaLoca have been for properties in the North, with 54% relating to those in the South. As northern cities such as Manchester and Birmingham become increasing recognised as centres of business it may be expected that the gap between the north and south commercial property market will close further.
Miranda Munn, Managing Director of NovaLoca, also noticed “a 27% month-on-month fall in enquiries via NovaLoca in October as the industry appeared to hold its breath with front-page news of the financial markets going into free-fall. However, now half way through November the number of enquiries is already increasing again to near-normal levels”. She went on to note that while agents are likely to have searched for property for their clients with some urgency during October as the economic downturn hit the headlines, that the majority of enquiries on NovaLoca come direct from commercial occupiers rather than property agents. Therefore, the website’s statistics are likely to represent a true picture of the overall mood of occupiers across the UK.
Smaller units and those in the North have become more popular in recent weeks, but only time will tell if these movements are the beginning of a longer-term trend.
For further information, please visit www.novaloca.com or call 01767 313380
