Property enquiries vary according to size
Miranda Munn, founder of NovaLoca.com, has been looking into the question of how levels of enquiries about available commercial property on the NovaLoca.com site vary with property size. Her research, following a recent meeting with Dowley Turner Real Estate, shows that in general smaller-sized instructions receive proportionately more enquiries than larger schemes.
“I had a look at the sizes of all available commercial properties and schemes listed on our site and compared these with the number of email enquiries generated over the last year for properties within the various size ranges,” she says.
Property listings of over 100,000 sq ft (or with a combined total area of over 100,000 sq ft) account for 5.7% of all listings on NovaLoca, but receive only 3.5%* of the email enquiries, she notes. Properties of less than 1,000 sq ft account for 9.5% of listings but receive 13.2% of enquiries.
The size group that appears to do best is properties in the 1,000 sq ft to 5,000 sq ft category, she adds. Although these represent only 27% of the stock, they receive 32% of enquiries. This contrasts with the group of properties in the 10,000 sq ft to 25,000 sq ft category, which account for 26% of the available commercial properties but achieve only 21% of the enquiries, she points out.
*This research looks at all commercial property listed covering office, industrial, retail, leisure & land, where a listing or scheme covers a range of sizes bandings are taken as the maximum size available.
