The newly-announced Celtic Freeport which aims to turn South Wales into a colossus of renewable energy is offering grounds for genuine optimism for the South Wales commercial real estate market, according to Jenkins Best director Henry Best, who believes its potential for spin-offs is enormous.

Jenkins Best is the highest place regional agent in the Radius On Demand Rankings for South Wales in 2023, with 42,657 sq ft transacted across 11 deals. It finished 2022 with 551,182 sq ft completed across 106 deals.

The Celtic Freeport is a joint scheme that would be based at Port Talbot and Milford Haven and Best says enquiries are already coming in for sites in the zone despite the scheme only being given the go-ahead last week. He also says the broader industrial market in the region is ticking along nicely, with particular demand from owner-occupiers.