King Sturge commercial property outlook 2010 report
Market experts King Sturge have released their annual office overview for the UK commercial property market
King Sturge have released their 2010 overview for the office market in the UK and it’s a perfect time for businesses thinking about moving to catch up on the commercial property climate. Presently, King Sturge believe it is still a tenant’s market, meaning that there is the best choice in rental terms and tenancy incentives available. As a result, now is a great time to move office as the recovery will eventually take the edge off these savings and benefits.
Currently, Manchester and Bristol are ‘best placed for recovery’, so if you’re seeking to be part of a growing business centre, you wouldn’t go far wrong to relocate to these cities. Sustainability is becoming a huge feature in the marketability of properties, with eco-friendly builds becoming highly desirable as older offices are de-carbonised. This process will not only bring in the use of greener systems but change the focus from new developments to retro-fitting existing office spaces.
Following the recession, the economy has been badly hit but gradual recovery is on the cards. Demand for office space in Manchester, Edinburgh and Glasgow has been steadily increasing. However, weaker markets include the commercial property sector in Leeds and Birmingham which can’t quite match the recovery in other bigger cities just yet. London is leading the office recovery with the Mayfair and St James markets improving the most. For the country-wide office market, prime rents fell in nearly all of the UK’s office centres.
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