During the time period, 2010 – 2017, it has been reported by HARNESS Property Intelligence that restaurants and cafés have outperformed offices and retail space when comparing growth with the UK’s commercial property market. The analysis from HARNESS shows a change in prices per square foot across shop, office and café/restaurant classes between 2010 and 2017 and the data focused on key regional cities across the UK: Birmingham, Manchester, Liverpool, Leeds, Bristol and Cardiff.
“Analysing the changes in values of commercial property across categories and regions provides a useful bellwether for the health of different sectors,” said Ben Mein, CEO of HARNESS Property Intelligence.
Interestingly, the report showed that the café and restaurant premises had experienced an average uplift of 8.5% over the seven-year period. Birmingham (15.8%) had the fastest growth, with Cardiff in second at 10.8%.
Manchester and Liverpool experienced rises of 9.9% and 9% respectively, while Bristol recorded a slightly smaller rise (6.2%). Leeds was the only city to post a fall (-0.52%).
The report goes on to say that both office and retail space in the same cities declined across the board. The only exception was shops in Birmingham, where the average value increased by 11.2%.
Ben Mein states that “the eat out culture has long been a firm favourite amongst the British population and has remained resilient despite being threatened by the emergence of delivery service heavyweights and a generally unpredictable economic environment.”
Source: HARNESS Property Intelligence