NOTTINGHAM’S commercial property market is well-placed to make the most of an economic upturn.

International property consultancy CB Richard Ellis says the city is a cost-effective location for business that has clear plans to develop its growing knowledge-related economy.

The consultancy’s Greater Nottingham Market Activity Report has been drawn up on behalf of economic development organisation Nottingham Regeneration and was launched in Nottingham in front of industry professionals.

The report was also presented to a national property audience in London by CB Richard Ellis on 1st June, 2009. Invest in Nottingham attended this event a downloadable version of the report is available at www.investinnottingham.co.uk.

It points out that Nottingham was one of only two locations in the UK where shopping centre giant Westfield - which runs Broadmarsh - chose to continue pre-development preparatory work during recession, underlining the city’s continued retail strength.

They have continued with it at a time when other major retail developers have put schemes on ice. Nottingham is also the place where Waitrose have trialled one of their smaller format stores.

Nottingham Regeneration says the city also stands out because of the work it is continuing to put into the development of property pitched at science and technology-related businesses. Though it may be several years before work starts on the first phase of the proposed Medi Park, Nottingham Regeneration Limited believes that the opportunity for businesses engaged in medically-related activities to locate near the Queen’s Medical Centre and the University of Nottingham will help the city take on locations like Oxford, Cambridge and Edinburgh.

The continuing success of the NG2 Business Park is also seen as a sign of success, the site continuing to attract significant investment from major companies and winning a race to host the headquarters of Specsavers against international competition.

Mr Nicholls said: “I don't think we’re different to any other city in the sense that the recession has had a significant impact on the commercial property market.”

“Nobody is interested in building speculatively at the moment. But what matters is being in the right place to get things going quickly when recession lifts and that is what we have been focusing on.”

“They key thing is being ready so that when things do improve people don't have to hang around waiting for sites to be prepared.”