Peterborough remains one of the lowest
cost cities in the UK for business premises - despite an increase of
20 per cent in some rents.
This is the key finding of a survey
comparing business rents in more than 20 leading UK cities compiled by
property agents across the country, including Dickens Watts & Dade
The figures show that, after several
years of being the UK’s lowest cost location for industrial
premises, Peterborough is moving up the 'league table' and rents have
passed those currently being paid in Chester, Ipswich and Liverpool.
Prime industrial units are now being let at rents up to £48 per
square metre (£4.50 per square foot) - £8 per square metre higher
than three months ago.
Peterborough is good value for office
occupiers as well, with good quality buildings being let at rents of
up to £118 per square metre (£11 per square foot). Only Ipswich at
£97 per square metre offers better value - and in London's West End,
office rents are an astronomical £915 per square metre.
For retailers, Peterborough rents are
still below ‘mid table’ at £2,153 per square metre (£200 per
square foot) - higher than Bristol, Ipswich, Leicester and Norwich but
cheaper than all the other listed cities.
Richard Dade of Dickens Watts & Dade
said: “Although demand for office, industrial and retail property
continues at a good level it is generally lower than last year.
However, lettings have remained at a relatively high level, limited by
the lack of supply of good quality accommodation."
This lack of supply could push rents
higher, Dickens Watts & Dade believes.
Richard Dade said: "The level of
enquiries for high quality new office accommodation remains at a good
level and rents are likely to be in the region of £150 per square
metre when new office buildings are let."
Copies of the survey are available from
Dickens Watts & Dade - telephone 01733 344414.