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