Commercial property searches have increased by 20% year on year, according to analysis of Google search data by insurer Hiscox, with smaller towns recording the fastest growth and major cities seeing the largest increases in search volumes.
The research comes amid renewed political debate about the future of Britain's high streets and the role town centres can play in supporting local communities and economic growth.
Hiscox analysed year-on-year changes in Google searches for terms including ‘commercial property to rent in [location]’ and ‘commercial property for sale in [location]’ across 1,000 UK towns and cities.
Smaller towns lead commercial property search growth
Heckmondwike in Yorkshire and the Humber recorded the largest percentage increase in commercial property searches, at 635%. Devizes in the South West followed with 444% growth, while East Kilbride in Scotland recorded a 387% increase.
The other locations with the fastest-growing search interest were:
- - Cumbernauld, Scotland, up 320%
- - Northwich, North West, up 268%
- - Selby, Yorkshire and the Humber, up 265%
- - Barrow-in-Furness, North West, up 229%
- - Gainsborough, East Midlands, up 224%
- - Bideford, South West, up 216%
- - Cwmbran, Wales, up 214%
Although these locations recorded the strongest percentage growth, the figures measure changes in search activity rather than completed commercial property transactions.
Major cities record the largest increases in searches
Larger cities also recorded substantial increases in commercial property searches. Manchester saw the biggest rise, with 28,430 additional searches, followed by Bristol with 25,620 and Edinburgh with 25,340.
The other cities with the largest reported increases were:
- - Leicester, East Midlands, up 25,330 searches
- - Liverpool, North West, up 20,580
- - Glasgow, Scotland, up 20,130
- - Birmingham, West Midlands, up 19,990
- - Sheffield, Yorkshire and the Humber, up 19,560
- - Nottingham, East Midlands, up 19,390
- - Leeds, Yorkshire and the Humber, up 19,050
“We’re seeing two trends emerge simultaneously,” said Nick Thornhill, partnerships director at Hiscox. “Major cities continue to generate significant levels of commercial property interest, likely because of the scale, talent and connectivity that they offer.
“At the same time, smaller towns are recording some of the fastest rates of growth. They are becoming increasingly attractive destinations for businesses looking to establish or expand a physical presence because they can offer access to local communities, lower costs and new growth opportunities.
"Physical locations continue to offer important advantages for businesses, whether that's attracting customers, building communities, strengthening brand presence or supporting collaboration among teams. The level of interest we're seeing suggests many businesses continue to view commercial premises as an important investment in long-term growth."
High streets return to the political agenda
The research comes as policymakers consider how to support Britain's high streets and encourage businesses that contribute to local communities and economic growth.
Government proposals cited in the source include giving councils greater powers over the types of businesses able to open in town centres, requiring planning permission for new vape shops and gambling venues, and providing 20% business rates relief for pubs, social clubs and live music venues from next year.
“The conversation around Britain’s high streets has changed significantly in recent months,” Thornhill said. “Rather than focusing solely on vacancy rates and decline, policymakers are increasingly debating how to encourage businesses that contribute to local communities, attract footfall and create vibrant town centres.
“Our research suggests that there is an appetite among businesses to invest in physical premises, but the economic reality cannot be ignored. For many small businesses, costs such as business rates, rent and utilities remain significant barriers to expansion.
“The Government’s decision to provide business rates relief for some high street businesses recognises the pressures that many businesses are under, and highlights the importance of physical premises to local economies.
“As policymakers consider the future of Britain’s high streets, ensuring businesses can sustainably occupy physical premises will remain a key part of the conversation. Ultimately, thriving high streets depend on two things: creating places people want to spend time in and ensuring businesses have the confidence and conditions needed to invest for the long term.”
