Latest research paints a dim picture of the commercial rentals market in 2009, with commercial property rentals in the Midlands expected to fall by at least two per-cent as the recession begins to take hold. Despite this, the experts at Accord Lets, one of the leading letting agents in Birmingham city centre, believe that steps to minimise the impact can be taken.

According to the Grimley’s Economic and Property Market Review, these figures are in no way a worst-case scenario, and rentals could fall even further, especially in light of the current climate. The forecast also went on to outline, how the prospects for the overall economy are no better, with the UK economy weakened by 0.5 per cent during quarter three and the research predicting a 0.7 per cent fall in output in both the East and West Midlands in 2009 – comparing favorably with national figures that forecast at least a one per cent downturn. The research also pinpointed 2010 as the main turning point, with output rising in the Midlands by around 1.5 per-cent and sustained growth thereafter.

Carl Mimmack, Managing Director of Accord Lets, who offer not just Birmingham apartments to let but property to rent in Leamington and Warwick property to let, said, “Throughout the economic downturn, we seemed to have bucked the national trend and we are very hopeful that now the government and the Bank of England are willing to help the situation, teamed with a reduction in interest rates and the boost to public spending, will aid the recovery of the rentals market.”

The report found the city centre office market in Birmingham had been very active over the course of the year, with take-up for the year at a record high of around 950,000 sq ft. The retail market on the other hand has stayed quiet throughout, with many developers pausing work and revaluating timescales in light of the dry spells many of them are experiencing.

Industrial rents in the West Midlands on the other hand have remained stable throughout 2008 and at the start of 2009. Despite this, the research from the Grimley’s Economic and Property Market Review outlines that too much negative press could go on to knock investor confidence resulting in the market deteriorating further.

Mr Mimmack added, “At Accord lets, we are offering new incentives as a means of attracting landlords, and this has certainly been very beneficial. The commercial market should focus on offering incentives and great customer service throughout this very difficult time. By offering an individual service, our tenants looking for property to rent in Leamington, Warwick and Birmingham are rest assured that we will give them all of the support they need and offer them a top-notch service on every level. There are many industries, where word of mouth and recommendations really count and property is certainly one of them. If you manage to find a tenant their dream rental property, they will pass your details on the friends and family seeking help.”

About Accord

Accord was formed in 1990 with the aim of providing a professional, approachable, honest and caring service.

They are a premium letting agent with property to let in Leamington, Birmingham and Warwick.

They believe that they have been able to hold on to these principles and that is the reason why so many of their clients have continued to use them. Their clients include a mix of prospective tenants, to buyers, to sellers and to property owners themselves, and they are proud that their clients still recommended them to others.

Currently the company has two offices: one in Birmingham city centre and the other in Leamington Spa.

As a company they are committed to building long-term relationships as they have found that property selling is not just about property and systems but, most importantly, about people.

You will find the company harnesses the latest technology to present properties well and as widely as possible, communicates efficiently and effectively and believes strongly in personal customer service.