As always there’s no rest for the wicked when it comes to the commercial property sector and this week is most certainly no different.
Last week we looked at Romford investments, Cornwall redevelopments Brighton regenerations and the Colston Hall Project.
This week we’ll be looking at occupational markets, the 2017 IPF commercial property report, Steelpark Trading Estate and London’s industrial past.
Renaissance for Occupational Markets in the UK
Lee Elliott from Knight Frank is asking the question ‘Can UK regions sustain returning occupier activity in 2018?’ – and the answer is yes.
Over 7m sq ft of office space was let across the 10 core markets reviewed in the latest Knight Frank report. This put it at over 1m sq ft above the 10 year average for the country.
According to Lee, 2017 represented a clear renaissance for occupational markets in the regions.
Find out more about this news story via Knight Frank.
IPF’s UK Commercial Real Estate Consensus Report 2017
The latest IPF report suggests that the sector’s sentiment for the current year continues to improve. The survey states that the “outlook for 2018 has improved over the three months since the last survey”.
Growth rates increased across almost every sector and the rental growth value forecast has doubled in the last 3 months, from 0.4% to 0.8%. The average total return prediction also saw an improvement, starting at 4.0% and rising to 4.6% this month.
Find out more about this news story via Workplace Insight.
Steelpark Secures Second Occupier Before Completion
The multi-million pound trading estate, Steelpark, has secured it’s second occupier before it’s reached completion. The unknown occupier reportedly signed a 10 year lease on a 10k sq ft unit at the Steelpark estate.
Steelpark is a 70k sq ft development in the West Midlands made up of 6 industrial units situated on a 4.5 acre site. This of course will bring new employment opportunities to the area.
Find out more about this news story via Commercial News Media.
‘Gasholders’ is Preserving London’s Industrial Past
London may now be full of huge steel and glass skyscrapers, but it’s easy to forget that the capital used to be the UK’s most important manufacturing hub.
Over ¼ million people still work in the manufacturing industry – down from the 1.5 million that used to be in the industry 50 years ago.
Many iconic buildings get bulldozed to make room for brand new space, but not all developers believe in this. Those who reincarnated Battersea Power Station created over 250 homes with 100+ shops and eateries.
Find out more about this news story via The Evening Standard Homes & Property.
That’s all for this week, make sure to stay tuned for more commercial property news. If you want even more up to date information then please visit our Twitter page at @VAT_BRIDGE – where you’ll find a whole bunch of daily news and insights.
Feature image credit: Denis Ismagilov via 123RF