As we step into 2024, Bradley Hall reveals why Yorkshire’s commercial property landscape is poised for a dynamic and transformative year.
While 2023 provided its challenges – including sky-high inflation and a hefty hike in interest rates – 2024 is predicted to be a year of positive and prosperous growth for the property market – for the first time since the pandemic.
Yorkshire’s commercial property sector is witnessing a particularly significant shift, fuelled by innovation, sustainability, evolving work patterns and more. A transformation reflecting both global trends and region-specific dynamics.
Here, the team at Bradley Hall – the North’s full-service property specialist – share their insights into some of the key facets shaping the commercial property landscape in this diverse, up-and-coming county.
Sustainable design takes centre stage
Eco-friendly design is no longer just a buzzword—it’s a non-negotiable aspect of modern commercial properties. From green roofs and energy-efficient systems to sustainable materials, developers are prioritising environmentally-conscious and energy-efficient designs that align with the global push towards a greener future – while grappling with new legislation around biodiversity sites and other roadblocks.
The traditional office model is evolving – and flexible workspaces are becoming the new norm. 2024 is marked by a surge in demand for adaptable office spaces that cater to the changing needs of businesses – especially in cities such as Leeds. Many businesses will be looking to reduce office space, while the demand for co-working spaces, hot-desking options and hybrid models will rise, providing companies the flexibility to scale and adjust their operations seamlessly.
Tech-led smart buildings
The integration of technology into commercial properties is not a novelty, but in 2024, it’s set to reach new heights. Smart buildings with advanced systems for security, energy management and personalised user experiences, such as Internet of Things (IoT) devices, artificial intelligence (AI) and automation, are becoming the gold standard. Properties equipped with this state-of-the-art tech infrastructure will attract businesses seeking to enhance operational efficiency, peace of mind and overall productivity.
We expect a re-evaluation of preferred business locations, as remote work blurs traditional boundaries. Secondary and tertiary markets may experience increased interest, offering cost-effective alternatives for businesses while providing investors with untapped potential in emerging regions.
A healthy workforce is seen as a key factor in productivity and employee satisfaction – and in 2024, employee wellbeing is at the forefront of commercial property trends. Developers are incorporating wellness features such as green spaces, fitness facilities and even natural light optimisation to create environments that enhance the physical and mental health of occupants. Properties that prioritise such amenities and features will appeal to businesses looking to create a holistic and positive work environment for their employees.
Rise of mixed-use developments
The lines between work, leisure and living are blurring as mixed-use developments gain popularity – especially in places such as Bradford and Harrogate. These integrated spaces combine residential, commercial and recreational elements, creating vibrant communities where people can live, work and play without the need for extensive commuting.