Business

Commercial property leasing market steady

  • Leasing market: new companies looking for office space are helping to keep the commercial leasing market steady

An agent with Bermuda’s largest real estate company expects commercial property leasing targets to be met this year.

Scott Powell, of Coldwell Banker Bermuda Realty, said: “Early signs indicate the year-end figures for 2019 will run in tandem with 2018. While leasing is a bit slower than we would like to see, our projected year-end figures are on target to hit the historical absorption rate of 75,000 to 125,000 square feet per annum.”

He added: “There are a few new companies setting up and looking for office space. Of these, a few look to have staff of 20 to 30, but more commonly less than ten.”

Rosanna Cox, an agent with The Property Group, said the commercial property rental market is more robust than the commercial property sales market.

“I have a healthy rental market with a good few enquiries and rentals being taken up, but nothing on the sales side,” she said. “I find that interest is more on small spaces with only the occasional large space wanted.”

She added: “Otherwise, I don’t find it too much different [than it was in the past] except the rents are lower and there is often a request by a tenant to have a deal of some sort for the first two or three months until they can get up and running.

“Most landlords are okay with this but it wasn’t like that before the down years.”