Commercial property interest rises in East Midlands as businesses explore physical premises
Search interest in commercial properties across the East Midlands has increased by 29% year-on-year, according to new analysis of Google search data by Hiscox, suggesting businesses continue to see value in investing in physical premises despite ongoing economic pressures.
The findings come at a time when Britain’s high streets are firmly back on the national agenda, with policymakers increasingly focused on how town centres can support local communities and economic growth.
Hiscox analysed year-on-year changes in Google search volumes for terms such as ‘commercial property to rent in [location]’ and ‘commercial property for sale in [location]’, across 1,000 towns and cities in the UK.
East Midlands’ fastest-growing commercial property hotspots
The fastest growth in commercial property searches year-on-year was found in the following East Midlands’ locations:
Gainsborough (+224%)
Ashby-de-la-Zouch (+74%)
Wellingborough (+63%)
Kettering (+45%)
Northampton (+43%)
Melton Mowbray (+38%)
Lincoln (+34%)
Boston (+33%)
Skegness (+33%)
Dronfield (+33%)
The findings suggest growing interest in commercial property is not confined to a single place, with businesses increasingly considering a broader range of locations when planning future growth.
East Midlands’ biggest commercial property hotspots
The locations generating the greatest increase in commercial property searches are:
Leicester (+25,330)
Nottingham (+19,390)
Northampton (+14,960)
Derby (+9,180)
Lincoln (+5,730)
Wellingborough (+4,710)
Gainsborough (+2,670)
Kettering (+1,720)
Loughborough (+1,460)
Chesterfield (+1,240)
Nick Thornhill, Direct and Partnerships Director at Hiscox, commented on the findings: “Physical locations continue to offer important advantages for businesses, whether that’s attracting customers, building communities, strengthening brand presence or supporting collaboration among teams.
“Our research suggests businesses are taking a broad view of where those opportunities might exist. Interest is growing across a breadth of locations, indicating that businesses are considering a wider range of towns and cities when planning for growth.”
Business growth specialist reveals ‘simple matrix’ for assessing a location
To help support business owners interested in establishing a bricks-and-mortar location in the East Midlands, Hiscox spoke to business growth expert Matthew Hayes.
Matthew is the Managing Director of Champions, a multi-award-winning business solutions partner, and has more than two decades of industry experience in sales growth.
He advises: “Small businesses should assess a location through a structured scoring process rather than relying purely on instinct. A simple matrix can be useful.
“Business owners should list the factors that matter most to them, score each location out of 10 and give each factor a weighting based on importance. Those factors might include cost, customer access, staff commute, parking, public transport, local demographics, nearby competitors, brand perception, room for growth and lease flexibility.
“The location also needs to be tested in real-world conditions. Visit the area at different times of day. Look at traffic during peak hours. Consider how easy it is for clients, customers, suppliers and employees to get there. Assess whether the surrounding businesses complement your own or create unnecessary competition.”
Three questions that you should consider before investing in commercial property
Matthew also shared three questions that small businesses should consider before investing in commercial property:
What does the premises need to achieve?
“The first step is to be clear on what the premises need to achieve. Are they there to improve productivity? Support recruitment? Bring clients into the business? Increase sales? Improve logistics? Create a stronger brand presence? The answer should shape the decision.”
How much does the premises actually cost?
“Secondly, calculate the full cost, not just the rent. Include fit-out, rates, utilities, technology, furniture, maintenance, insurance and exit costs. SMEs should make sure the numbers still work even if growth is slower than expected.”
Will the premises work for your future business?
“Thirdly, think about the future. A premises should work for the business today, but also support where it is heading over the next five to 10 years. If the company is scaling, it needs to understand whether the space can grow with it or whether there is a manageable route into a larger facility.”
Matthew also encourages businesses to negotiate, saying: “We are still in a market where there may be opportunities for SMEs to secure favourable terms, particularly as commercial property continues to adjust after the pandemic. A good agreement should work for both the business and the landlord, creating the foundation for a positive long-term relationship.”
Nick concludes: “The breadth of searches that we’re seeing across the UK suggests that businesses are keeping an open mind about where they establish a physical presence.
“While search data gives a useful indication of where businesses are looking to invest, successful expansion decisions are rarely based on interest alone. Factors such as local demographics, competition and community needs can be just as important when deciding where to open and how to grow.
“At a time when Britain’s high streets are back in the spotlight, small businesses can play an important role in creating places that bring people together. The businesses that thrive are often those that become part of the fabric of their local community rather than simply another place to shop.”
