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Commercial Property and other near death experiences

People seem to still be somewhat afraid of the recession. Are we in? Are we out? This fear was relayed amongst various industries and has continued so since early 2008.  Companies, public bodies, investors and the general public were all hit hard, wallets were squeezed and pennies were pinched. One of the more notable casualties of the most recent recession was the property market. However, the time for panic I believe is truly over. Chancellor of the Exchequer, George Osborne, has given us “a credible plan to eliminate the deficit over the next four years.” (The Lawyer, 21st March 2014) However in rather a disappointing turn there wasn’t anything overly exciting for the real estate market. Come on George, throw us a bone! There was no real news regarding business rates, despite some intense lobbying from the sector. Listen to your electorate Mr Osborne, we have a voice and are screaming at you with some serious property related gusto. Others will arguably be bothered (or not) by the support for the housing industry and stronger taxation measures. Are we going round and round in circles? I did witness two trainee solicitors from a leading firm in Birmingham get stuck in a revolving door the other day, although I don’t think this is indicative of the state of things to come.

I believe it was Mark Twain who said “Reports of my death have been greatly exaggerated.” The phrase/quotation has since made it’s way into many publications, presentations, meme’s, books, comics and even election campaign speeches…so I am told. As BCL Legal’s resident expert (in the making) in all things Real Estate I am happy to announce that reports of property’s death have been greatly exaggerated. It is even safe to say that it is total rubbish, all this chatter in the market about property being no better than it was circa 2010. Look around people, there are cranes everywhere! Inner city commercial developments, brownfield site conversions, land acquisitions for residential development and then some. Boom! (choice words, I am in no way saying we are now in a boom period, I’ll leave that for Mr Osborne…) If nothing else, we see growth and development in the world of real estate. The signs are all around us, with firms such as Wragge & Co leading the charge in major acquisitions and developments –  http://www.wragge.com/wragge_news_11116.asp#.UzmRhPldVsE 

As per the article, this is a good sign of things to come. Property is growing, jobs are being created and the market is moving. So If you’re a Lawyer within the Private Practice sphere or in-house looking for a new challenge, firms are looking to recruit across all levels from NQ to Partner. BCL Legal can help you find that new role and prepare you for the journey.

Gishan Abeyratne
Consultant – Private Practice
T: 0121 236 2623
D: 0121 237 5619
M: 07805 839 734

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