The office market witnessed the signing of a pre-let to Viridor Waste Management for a six storey 22,000 sq ft headquarters office building. This deal, advised on by Alder King on behalf of St Modwen, has wider significance for the local market because it will kick start the developer’s Firepool Regeneration scheme, with construction commencing on site this month.
There is a reducing supply of Grade A office space on Blackbrook Business Park, with no buildings currently under construction. Office headline rents have generally stabilised and levels of incentives have reduced slightly.
Activity in the industrial market was described by Alder King as “patchy” with an increase in supply witnessed during the first six months of the year. Industrial headline rents have remained at around £6 per sq ft.
Alder King says that occupiers are favouring shorter and more flexible leasehold transactions, although there is some freehold owner occupier activity in the market, despite the continuing difficulties in the funding markets.
Andrew Maynard, partner at Alder King: “Overall there has been some gradual improvement during the last three months after a challenging start to the year. Whilst the market remains difficult to predict, we expect overall take up to show a slight improvement from 2010.”
For further information contact Andrew Maynard at Alder King on 07831 154 080.
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