CPN members Fenn Wright are pleased to report that 2024 was another successful year for their Commercial Agency division, based in major hubs of Chelmsford, Colchester and Ipswich.  The team handled a significant volume of freehold sales totalling nearly £36m and lettings in excess of £4.4m, with over 1,000,000 sq ft. transacted during 2024.

Fenn Wright are currently topping the league table as the ‘Most Active Commercial Agents’ in both Essex and Suffolk, according to the Estates Gazette.

The industrial / warehouse sector continues to be the most robust sector of the market, with strong demand from both occupiers and investors, coupled with constrained supply underpinning values.

Michael Moody, Partner at Fenn Wright commented “Last year we saw some exciting new developments come to fruition and one of those was Systematic Business Park in Colchester, a development of 30 new-build industrial units.  We are delighted to have been appointed as sole selling agents for the impressive Wherstead Park, a fantastic investment/development opportunity in Ipswich, whilst in Chelmsford we have been appointed as selling agents for two substantial industrial investments located on Moss Road in Witham, priced at £2.5m and £5.5m stc.

As for what 2025 will bring, we are expecting another very busy year but not without its challenges.  As a result of the autumn budget, inflation and base rate figures may not decrease as quickly as was previously anticipated.  The additional employment costs in relation to NI and minimum wage revisions have already had an impact on local businesses and time will tell what affect this will have on the commercial property markets.”

Read the market overview in full here.