To mark the start of their centenary year property consultants Alder King have released Market Monitor 2011, an annual research report analysing the commercial property market in Swindon over the last 12 months and other key regional locations across the South West.
The report notes that the last twelve months saw a marked increase in the overall office take up in comparison to 2009. The figures were, however, distorted by the Motorola letting of 58,400 sq ft at Trilogy, Kembrey Park.
2010 saw the comprehensive refurbishment of Station Square complete, which now offers the only readily available Grade A office space in the town centre.
McAleer & Rushe also obtained planning permission for a 90,000 sq ft office building adjacent to Jurys Hotel and Shearer Property Group announced plans to refurbish Falcon House, Fleming Way.
Industrial take up during 2010 was significantly higher than in 2009 due to several large deals including TS Tech (220,000 sq at Spectrum, Westmead), Vygon (220,000 sq ft) at the former Motorola Building at Groundwell) and Yuasa Batteries (75,000 sq at South Marston One).
The retail market saw a new John Lewis “at home” open at the Mannington Retail Park, which helped to maintain out of town retail rents at £28 per sq ft.
James Gregory, partner at Alder King commented: “Take up levels improved for all sectors but no growth was achieved on 2009 rental levels. In order to push the market forward incentive levels will have to reduce and new deals agreed on prime newly developed space.”
To download a copy of Market Monitor 2011, please visit www.alderking.com or call 01793 615477.
