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Rental growth set to return to regions

2012 will be the year that sees rental growth return to the UK regions, according to Savills.  The agent believes prospects in big regional cities will often be better than the surrounding regions due to stronger private sectors and high rates of business formation.

Mat Oakley, head of Savills research, said : “The majority of big regional cities are seeing no speculative office or retail schemes for delivery over the next five years. Against this background we will need not much more than a return to normal levels of take-up to stimulate falling Grade A vacancy rates and rising Grade A rents.”

The firm says national office vacancy rates are now below 10 per cent with less new retail space due to be delivered over the next three years than is normally delivered in one year.

Peterborough currently has an office vacancy rate of 600,000 sq ft with average office rents forecast to rise this year. Paul Farrow of Savills Peterborough office said: “Although Peterborough has seen strong growth in the public sector over recent years, our position in the top fifty per cent of recovery prospects shows that we are by no means entirely dependent on the sector.”

The survey ranked Peterborough as the 178th strongest of the 406 local authority districts surveyed.

Last Updated ( Thursday, 03 May 2012 17:07 )

 

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