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29 November 2003

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Commercial rents "will continue to rise" says report 

Commercial property rents in Peterborough could be pushed higher by a shortage of good quality office, industrial and retail premises available to let.

This is one of the key conclusions of a survey comparing business rents in more than 20 leading UK cities compiled by regional property agents across the country, including Dickens Watts & Dade in Peterborough.

"In common with most other location, Peterborough was already witnessing a downturn in enquiries and activity in the property market before the New York tragedy on September 11," said Richard Dade of Dickens Watts & Dade. "This was mainly due to the slowing down of our economy against a background of world markets.

"However, the supply of space on the market and in the pipeline in Peterborough is very limited, giving rise to very different circumstances to those which prevailed in the early 1990s when the economic slowdown led to a fall in rents."

Figures in the report show that more office property in Peterborough saw new tenants during the first half of 2001 than in the whole of 2000.

Take up of office and industrial and warehouse space in more recent months has been hampered by the shortage of good quality accommodation, says the report, but interest in the available property has been high. Plans by IKEA to build a major distribution facility in Peterborough's Hampton township are expected to give the city a major boost, giving rise to further interest from distribution occupiers.

In the retail sector more than 50 retailers are known to be interested in either establishing or increasing their presence in the city. Against this background "rents will remain firm" the report concludes.

The comparison of Peterborough with other cities contained in the report shows that rents in the city are stable while in some 253 other places - notably London - there has been a slight fall.

"One set of survey results is not enough to substantiate talk of a downturn in London property prices," said Mr Dade. "We need to see if there is a trend over a period of time. However, the figures do show Peterborough faring well."

Copies of the survey are available from Dickens Watts & Dade - telephone 01733 344414.

December 2001




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Richard Dade
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