UK Commercial Property News: October 2010

Friday 1 October 2010

Busy in Bromley

Bromley is a good example of a steady commercial property market where development continues and companies are buying freeholds. The interesting point is that while the office lettings are normally of a small size some of this is accounted for by start ups as well as expansion. Jeff East of Acorn Commercial said: “The market is strong and steady and while values are not increasing and there is a slight over supply, deals are being done if the price is right.” One trend East noted was the increase in freehold sales, many of which go into company pension funds. There has also been a high rate of sales for development, “all for cash as it is so hard to borrow.”

Some of these are on sites for new developments, two involving new Travelodge hotels. One is the developments is St Johns House in Sidcup which is currently retailing, offices and a public house (a separate site) for an 80 bedroom Travelodge on the upper floors and a 1,301 sq.metres (14,000 sq.ft.) supermarket on the ground floor. The other Travelodge with 92 bedrooms is also part of a mixed use scheme in Bromley on the 37 London Road/2 Blyth Road site which had a hotel and snooker hall. It will have offices on the ground floor. Apart from these deals, Acorn has achieved planning for a variety of other schemes.

The Kent, Surrey and Sussex Commercial Property Register

The Commercial Property Register for Kent, Surrey and Sussex is a leading UK business property publication from Martin Austen Publishing. The aim of the publication is to offer a simple and effective means of finding Offices Space, Serviced Offices and Commercial Property in Kent Surrey and Sussex. You can also find the latest commercial property news for this region.

Mixed message but sentiment improves

Could it be that the worst is over for the Midlands commercial property market? There are mixed messages from offices and industrial but, broadly speaking, sentiment has improved. The most positive view comes from Colliers whose David Smeeton said: “There is no doubt that across the range of market data, the news is more positive than at any time since we began analysing the Birmingham market.”

The research revealed a sharp increase in Grade A office occupation which has been echoed in a marked rise in the demand for top quality space. As a result the availability of offices declined by 3% in the first half year compared with June-December 2009 while city centre was down 15%. The Colliers view is that Birmingham is experiencing a real upturn and that the healthy net absorption rate will continue until 2013.

Smeeton points out that the completion of the Birmingham Development Company’s Cube scheme signals the end of the current speculative development phase. Rents are expected to break out of their current stagnation (down 8.3% in a year) to reach £333.56 a sq.metre (£31 a sq.ft.) by 2013. Smeeton said: “Completed schemes such as Eleven Brindleyplace and 45 Church Street are starting to see significant rises in occupancy levels. In the former it is close to the majority of the floors being let. The accountancy firm Mazars are due to move into 929 sq.metres in 45 Church Street.” CB Richard Ellis’ Ashley Hancox said: “On the positive side, there are signs of indigenous businesses seeking to take advantage of the extraordinary deals available before there is a sustained recovery.

Similarly, a number of larger national/international organisations are reviewing options in the regions as central London supply depletes and rents begin to escalate.” Another positive indicator is the purchase by Hines and Moorfield of five buildings in Birmingham for £200 million in the city’s largest deal to date for a yield of 7-7.5%. The deal was with Brindleyplace Limited Partnership and includes a theatre, bank, restaurant, shops and a car park.

The Midlands Commercial Property Register

The Midlands Commercial Property Register is a leading UK business property publication from Martin Austen Publishing. The aim of the publication is to offer a simple and effective means of finding Offices Space, Serviced Offices and Commercial Property in the Midlands . You can also find the latest commercial property news for the Midlands.

Confident Coventry

Coventry is pushing ahead with its large regeneration plan, encouraged by a favourable report from Cushman & Wakefield. Together with Aviva Investors, Explore and Royal London Asset Management it plans to proceed with the first part of the £1 billion plan, part of which is to double the amount of retail space in the city to 204,380 sq.metres (2.2 million sq.ft.). It comes at a time when town centre schemes have dropped like flies, but given the time scale it makes sense to look ahead.

Outside the city there have been three deals at Oak Court, ProLogis Park. Comau Estil, part of the Fiat Group is relocating its regional headquarters. The other two lettings were to Delta Energy Services and a cleaning contractor, Regent Cleaning. Rupert Gilliit of agent D&P Holt, who acted for the landlords, Oakham Developments and Abacus Developments said: “The scheme’s success is down to its quality and excellent location on the M6 at Junction 3.”

The Midlands Commercial Property Register

Tight Supply for Industrial Property

In a similar vein to offices, industrial and distribution stock is also drying up due to a high level of take up in the period September 2009 to March 2010. On the other hand, said CBRE, enquiries are declining so that rents are unlikely to increase until 2012. CBRE’s Mike Stephens commented: “There are active enquiries from retail/logistic operators, including Marks and Spencer, Tesco and Ocado. They are looking for design and build solutions, which frankly is the way the market is going. There are no signs of speculative development on the horizon.” Stephens suggests that investment activity will increase later this year. One change which will underline the office market in Birmingham, and indeed throughout the UK, is that the cuts in government spending will stop the mass relocation of government workers from London.

Looking ahead, CBRE believes that value rebounds are fading and debt unwinding will take some time; there will be greater differentiation between local markets and property assets; development opportunities will start to emerge as supply shortages increase; rental growth prospects are variable. This all adds up to a positive medium term outlook in property so welcome to the “new normal.”

The Midlands Commercial Property Register

Green the Winner

In a milestone event for Nottingham, E.ON and Miller Birch have received planning permission for a 9,755 sq.metres (105,000 sq.ft.) scheme on the former Guildhall site which it is claimed will set new environmental standards. Construction is due to start in 2011 and be completed by 2012. King Sturge advised on the development and DTZ represents E.ON. Indeed the green theme has a further achievement in Nottingham with a 514 sq.metres (5,534 sq.ft.) project on the final phase of the £20 million Chetwynd Business Park at Chilwell. Savill’s Ian Muxlow commented: “Office occupiers, particularly large firms, are increasingly seeking sustainable offices.

Chetwynd is a rare opportunity to acquire quality offices on one of Nottingham’s most popular business parks. Such buildings are more efficient to run, resulting in lower costs of occupation for years to come.” As far as the economy of the East Midlands is concerned, the latest PMI report indicates that private sector output ”remains marked, but new orders rose only slightly.” The measure of business activity fell but was still positive in August, continuing a run that started 16 months ago. The industrial market in the East Midlands had a mixed performance in the second quarter with a decline in the amount of available space in the larger categories although the amount of Grade B space is substantial. DTZ’s Helen Longstaffe said: “As a result of competitive deals for existing Grade A stock, we have seen a significant amount of take up in the region over the past six to nine months which has resulted in a comparative lack of good quality units along the M1 corridor.” One substantial deal was a letting of a 2,550 sq.metres (27,446 sq.ft.) unit on the Queens Drive Industrial Estate, Nottingham, through Lambert Smith Hampton and DTZ to FedEx. Longstaffe said two further units are also under offer which means that part of the estate is fully occupied. As a result of the deal, FedEx intends to top expand its operation in Nottingham. The new unit gives easy access to the city centre and the M1.

The Midlands Commercial Property Register

John Lewis the Key

Once again the department store group John Lewis becomes key to a major development. It is in talks with Birmingham City Council for a 27,870 sq.metres (300,000 sq.ft.) store on the 14 acre scheme for the New Street rail station
rebuilding programme. That would be its largest store outside London and speaks volumes for the appeal of Birmingham. The £600 million development
of the station and the Palisades Shopping Centre fits with the John Lewis criteria of a large consumer footfall. The fact is that the retailer has wanted a store in Birmingham for some years. John Lewis’ Andy Street said: “We believe that Birmingham is the regional capital and we want to be represented in the regional capitals.”

The Midlands Commercial Property Register

Freehold Sales Return

Given the difficulty of borrowing money from the banks, it is surprising that the freehold market has come back strongly. A good example of this is the sale of City Link’s 14,256 sq.metres (153,481 sq.ft.) Wednesbury Hub, the largest cross decked distribution facility in the West Midlands which is on two adjacent sites on the Black Country Route, through DTZ.

The complex, which includes offices, a vehicle maintenance unit and workshops was built in 1999/2000. It has been bought by a private investor of Eagleton & Co. DTZ’s John Sambrooke commented: “The Hub generated a lot of interest from both occupiers and investors. We secured the sale within six months of it coming onto the market.” In Walsall, Goold Estates has bought the 3.3 acre Gatehouse Trading Estate, home to the Backyard Brewhouse, Walsall’s only independent brewery and close to the site where the Staffordshire hoard of Anglo Saxon artefacts was found. Dominic Goold said ”We paid a double digit yield which will allow us to undertake refurbishment, including improved security. We have done a number of viewings there and hope to be able to announce the first new letting soon.”

The Midlands Commercial Property Register

A Positive View

A combative view on the Midlands out of town office market has been advanced by a Solihull based developer. Barteak Developments based its view on the high level of interest in its Avon House development in Shirley, 75% of which is now let in the 2,415 sq.metres (26,000 sq.ft.) building. Barteak’s Julian King said: “As far as we are concerned the market for what we consider to be out of town property is very much alive and well. We are continuing to see high levels of interest, particularly from the private sector.” In Solihull, a recent letting at Managed Serviced Offices’ (MSO) Cranmore Place scheme means it is 60% let. MSO’s Karen Costello said: “We have 140 workstations, suitable for 2 to 140 people with offices let on an all inclusive basis for as little as £49 a month, plus VAT.”

The landlord is Associated Independent Stores (AIS) which has a three year agreement with MSO to run a business centre within the building. John Batsford of Bigwood acts for AIS. He said: “This will be a welcome additional feature within the M42 corridor.” Business centres are a growing feature of the office scene, particularly in tough economic times such as now. In Walsall, a new business centre in the refurbished Old Foundry, in the Caldmore area, has opened offering units up to 743 sq.metres (8,000 sq.ft.) in the 200 year old building.

While individual lettings may not be large, there are plenty of them as companies expand and foreign firms arrive in the UK. For example, PXP West Midlands had three small deals at its Element Court on the Hilton Business Park, Wolverhampton, one of which was to a German company, Netzsch Geratebau, which specialises in high precision instruments. Clearly, Opus Land also takes a bullish view of the out of town market and has received consent to almost double the amount of office space at its Opus 40 Business Park in Warwick. This will bring an additional 24,154 sq.metres (260,000 sq.ft.) in four buildings ranging in size up to 7,432 sq.metres (80,000 sq.ft.). When the 35 acre park is completed, it will have 52,024 sq.metres (560,000 sq.ft.) of space. It is being marketed by Bromwich Hardy and GVA Grimley.

The Midlands Commercial Property Register

Airport to get 4 Star Hotel

Continuing its investment in its airports, MAG Developments, in partnership with the Azure Property Group, is building a £22 million Radisson Blu Hotel at the East Midlands Airport. The 5 storey, 216 bedroom hotel, will incorporate high quality elements that reflect both the locality and its significance as a gateway to the region. MAG’s John Atkins said: “This is the latest stage in our £50 million hotel development programme and complements both the growth plans at the airport and builds on our existing portfolio of 2,000 bedrooms at four UK airports. The hotel will be operated by Azure.”

The Midlands Commercial Property Register

Mood Improves

Oddly enough, given its many advantages, the south west economy and commercial property market has been one of the hardest hit regions of the UK in the recession. There had been such a dynamic in the past decade, notably in Bristol, that it looked set to weather the economic problems more easily than most parts of the UK. That view was reinforced by it having a thriving defence and high technology industrial sector, as well as its role in the UK’s distribution network. After a difficult period, the mood has lightened with September seeing a significant improvement in the office sector, notably in the out of town market which has been in the doldrums for some time. The indicators are for the improvement to continue and before long we will be facing a shortage of Grade A stock and large industrial buildings. The economy has been improving in the past five months, said the South West RDA after a recent survey by Markit Economics, even though the seasonally adjusted Business Activity Index sank to 52.8% in August from a three month high of 54.5% in July. There was a fractional inflow of business in August but the heartening point is that recent growth has come mainly from manufacturing.

This expansion has brought a rise in employment in manufacturing, which should be translated, in due course, into demand for commercial property. Shane Vallance of the South West RDA commented: “We’ve suspected for some time that the economy might struggle to maintain the pace of its recovery, and the latest data appears to confirm this. Indeed new orders and employment have weakened considerably, particularly in the service sector” (which means lower demand for offices). According to the Trades Union Congress 100,000 jobs have been lost since the peak of employment in the third quarter of 2007. The worst affected are construction (down 24 %) and transport & storage (down by 13%). The numbers employed in agriculture have, however, risen by 52%. These analyses provide the raw material for the stagnation of the property market in the past, although the recent rise in confidence could, hopefully, overcome this.

The South West Commercial Property Register

The South West Commercial Property Register is a leading UK business property publication from Martin Austen Publishing. The aim of the publication is to offer a simple and effective means of finding Office Space in the South West Serviced Offices in the South West and industrial commercial property in the South West. You can also find the latest commercial property news for the South West region.

Kent Benefits from Commercial Property Investment

The economy and commercial property market in Kent are now reaping the benefits of major capital spending in the past few years, such as the high speed rail system, and intense marketing by a number of organisations, notably the inward investment agency Locate in Kent (LIK). This satisfying picture is displayed in the 19th Kent Property Market report written by Cluttons and Kent County Council, produced by LIK and supported by the RICS, law firm Cripps Harries Hall and surveyors Smiths Gore. The key figures are that demand for industrial space jumped by 50% including a number of substantial deals as well as LIK achieving a 14% increase in new projects with property requirements. That success owes a great deal to persistence over many years.

Demand for office space was also up by an impressive 43% in the past year. Alison Owen of Cluttons commented: “The report highlights Kent’s continued healthy performance in comparison to neighbouring counties, other areas of the south east and, indeed, the rest of the country. One key influencing factor is the impact of large scale infrastructure improvements, such as the high speed rail link.” She quoted some impressive figures for the increase in passenger numbers with Ashford recording a 120% rise in the second half of 2009. The fast rail link is crucial to Ashford’s £2.5 billion Growth Area development strategy. “A number of major developments remain underway across the county,“ Owen said. “Projects such as the £50 million Bluewater Events Venue and the scheme to spend £75 million on new homes in Gravesend’s Christian Fields, for example, means that Kent’s economy remains in better shape than many of its competitors.”

This optimistic view was endorsed by LIK’s Peter Symons who said: “Our projects and property demand figures suggest confidence in Kent and Medway has not waned during the difficult economic climate.” He noted a shift in the type of companies seeking to relocate and expand from manufacturing and engineering to retail and wholesale, construction and property.

The Kent, Surrey and Sussex Commercial Property Register

The Commercial Property Register for Kent, Surrey and Sussex is a leading UK business property publication from Martin Austen Publishing. The aim of the publication is to offer a simple and effective means of finding Offices Space, Serviced Offices and Commercial Property in Kent Surrey and Sussex. You can also find the latest commercial property news for this region.

Prime Yields to Fall

A further reason for a more positive view is a recent report which suggests that prime property yields in the UK could fall to around 4.85% in 2014, implying a 40% rise in prime commercial property values by the end of 2015. That is the view of a report by Chesterton Humberts and the Centre for Economics & Business Research (cebr) which noted the likelihood of low lending interest rates and the underlying strength of the financial services sector. Chesterton Humberts’ Paul Abrey said: “Our research suggests that the long term prognosis is good due to economic factors that are likely to remain in place for some time.” The cebr argues that that “the gap between government bond and property yields will narrow, indicating that investors perceive property to be a safer bet than in the recent past with the prospect of increasing values as the yields on government stock remain low.”

The South West Commercial Property Register

The South West Commercial Property Register is a leading UK business property publication from Martin Austen Publishing. The aim of the publication is to offer a simple and effective means of finding Office Space in the South West Serviced Offices in the South West and industrial commercial property in the South West. You can also find the latest commercial property news for the South West region.

Orega opens in Bristol

Orega, the flexible office provider, is to open its first office in the south west by taking 2,508 sq.m. in Deeley Freed Estates’ Ten Victoria Street, Bristol. The property has been redeveloped and extended recently following the relocation of the law firm Beachcroft to another Deeley Freed building in Portwall Place. Orega’s Paul Finch commented: “Bristol has a stable regional office market which provides us with the same rationale for new business centres as Birmingham and Manchester where we opened last year.” As a locally born businessman, he extols the merits of Bristol for business with a tighter market and greater levels of occupancy and fewer voids. Andrew Maltby of Deeley Freed said: “Orega’s distinctive brand perfectly complements the high quality framework of our building, while its range of services and meeting rooms will provide enhanced facilities for the remaining conventional office accommodation available on the top two floors (of a five storey property).” Acting on behalf of Deeley Freed were DTZ, Colliers International and King Sturge.

The South West Commercial Property Register

The South West Commercial Property Register is a leading UK business property publication from Martin Austen Publishing. The aim of the publication is to offer a simple and effective means of finding Office Space in the South West Serviced Offices in the South West and industrial commercial property in the South West. You can also find the latest commercial property news for the South West region.

Industrial Shines

The brightest sector in the south west over the past few months has been industrial property. Sustained demand led to the decline in the amount of Grade A properties of more than 4, 465 sq.metres (50,000 sq.ft.) together with a fall in the rate of return on Grade B and C stock. In fact the overall take up, said DTZ, fell by 15% and Grade A accounts for 48% of the total. In its view, the market will “prove to be a battleground for landlords with many looking to customise stock to attract smaller local occupiers.” DTZ’s Simon Lloyd said: “While the majority of the take up has been in Swindon in the last quarter, there are a number of occupiers looking for large buildings in the region which should be reflected in the figures for the third quarter.”

The largest deal was a letting of 19,509 sq.metres (210,000 sq.ft.) at the Spectrum building, Swindon to TS Tech, an automotive company. Jeremy Hughes of BNP said: “The industrial market has been interesting with a number of large deals, such as the Cooperative leasing a 37,160 sq.metres (400,000 sq.ft.) shed at Cabot Park.” This was made possible by the surrender of land by Honda. Another major deal recently completed is the letting of a 7,989 sq.metres (86,000 sq.ft.) property at Portbury by LVT of London. Hughes said: “It will not be long before we will have a shortage of large buildings.” In Bath, one former industrial building, a printing works, is to be redeveloped by Tesco and St James to include a large supermarket, 2,787 sq.metres (30,000 sq.ft.) of creative work space, 3,716 sq.metres (40,000 sq.ft.) of offices, a museum and community space in a design by Make. The scheme will cost £50 million.

The South West Commercial Property Register

The South West Commercial Property Register is a leading UK business property publication from Martin Austen Publishing. The aim of the publication is to offer a simple and effective means of finding Office Space in the South West Serviced Offices in the South West and industrial commercial property in the South West. You can also find the latest commercial property news for the South West region.

Life Returns to Business Park

After some years of slow activity, the out of town business parks in the south west have sparked into life this year. Increased activity by occupiers has, however, failed to dent the amount of vacant space which is increasing. Ben O’Connor of GVA Grimley said: “Take up has bucked the national trend and in the first half a total of 27,870 sq.metres (300,000 sq.ft.) was let, up a third on the previous half year total and, even better, by 60% on January-June 2009” The top deal was to Motorola who leased 5,388 sq.metres (58,000 sq.ft.) at Kembrey Park, Swindon. In addition there were “significant transactions” at SPark, the Bristol and Bath Science Park at Emersons Green, Bristol which is to have the National Composites Centre in a hybrid research and development building which will include offices. “Development activity in the south west has appeared to run contra to the national trend,” added O’Connor. “The amount of floor space under construction in the middle of the year doubled
from the start of 2010.” Even so that was only 46% of the five year average.

The challenge for the future is to reduce the 130,060 sq.metres (1.4 million sq.ft.) of empty office space, which is at a 14 year high. The optimistic view is echoed by Simon Price of Alder King who said: ”We have experienced an upturn in activity since the beginning of September with an increase in the number of companies looking at space. Indeed it has been our busiest month for a year and the rise was particularly marked in the out of town market where there have been a number of lettings, such as 3,716 sq.metres (40,000 sq.ft.) to Mitie at Emersons Green and 5,574 sq.metres (60,000 sq.ft.) at Bristol Business Park.” Price added that there are also two sizeable deals in the pipeline for Aztec West to add to a year “which has gradually got better. We are hopeful that the trend will continue and be amplified by the fact that there is a lack of new development.” The signs are good because Price has recently undertaken appraisals of new schemes.

The South West Commercial Property Register

The South West Commercial Property Register is a leading UK business property publication from Martin Austen Publishing. The aim of the publication is to offer a simple and effective means of finding Office Space in the South West Serviced Offices in the South West and industrial commercial property in the South West. You can also find the latest commercial property news for the South West region.

CABE Hits Swindon

The government architectural watchdog, CABE, has given
Swindon a hard time over two of its development projects.
It has called for a design rethink on the £100 million housing led development of the Swindon College site because of its concerns about the plans from Ashfield Land and Parkridge.
CABE said: “This is a unique opportunity to create a new piece of town and improve the connection between the old
town and the new and help raise the profile of Swindon.”
It also criticised plans by Swindon Gateway Partnership for a large housing and community scheme and an extension to the Great Western Hospital site near Coate Water Country Park. One part of the town’s regeneration that is going ahead is the green walls feature as part of the Public Realm Works for a new look Canal Walk. They will cover the south side of the bridge that connects the Brunel Plaza with the Brunel Arcade and the north side of the bridge. Green walls are living, planted structures that continuously change and evolve as the plants grow and mature within them.

The South West Commercial Property Register

The South West Commercial Property Register is a leading UK business property publication from Martin Austen Publishing. The aim of the publication is to offer a simple and effective means of finding Office Space in the South West Serviced Offices in the South West and industrial commercial property in the South West. You can also find the latest commercial property news for the South West region.

Work in a mansion

An unusual business centre at Clevedon Hall, a Victorian mansion in north Somerset has started operations. The policy at the Enterprise Development Centre (EDC) is to support business growth by providing enhanced managed serviced offices with low overheads and flexibility. EDC’s Peter McCarthy commented: “Our philosophy is to support small and medium sized businesses (SMEs) to achieve sustained profitable growth.” The flexible contracts can include a range of shared services, such as scaleable software applications as well as mentoring by seasoned
entrepreneurs. The first business at the EDC was Goodridge Environmental, a specialist turbine and general power provider specialising in remote areas. Goodridge’s Chris Williams said: “The EDC is perfect for an aspiring young business like ours. It’s a supportive entrepreneurial environment as well as being in stunning surroundings.”
He added that “discussions with the EDC management team has already helped to save our business nearly £3,000 by following their advice on using hosted shared platform software.”

The South West Commercial Property Register The South West Commercial Property Register is a leading UK business property publication from Martin Austen Publishing. The aim of the publication is to offer a simple and effective means of finding Office Space in the South West Serviced Offices in the South West and industrial commercial property in the South West. You can also find the latest commercial property news for the South West region.

Gazeley still building big

One major new industrial scheme on the horizon for Swindon is a 74,009 sq.metres (796,649 sq.ft.) distribution centre for B&Q at G. Park being developed by Gazeley. It is adjacent to the A149 and will service stores in southern England and will have a completed value of £70 million. Gazeley’s Nigel Godfrey said: “We will complete the facility next summer, As well as reducing the environmental impact of the development, Gazeley has sought to ensure that the building will deliver significant annual operating costs saving to B&Q through reduced energy consumption.”

The South West Commercial Property Register

The South West Commercial Property Register is a leading UK business property publication from Martin Austen Publishing. The aim of the publication is to offer a simple and effective means of finding Office Space in the South West Serviced Offices in the South West and industrial commercial property in the South West. You can also find the latest commercial property news for the South West region.

Gatwick Boosts Local Commercial Property

Plans for a £1 billion capital spending programme at Gatwick Airport will have an impact on the area and bring it up to a higher standard. The plan has been welcomed by the Gatwick Diamond Initiative, a business location centred around the airport and stretching from Brighton to London and East Grinstead to Dorking. Alistair Smith of the Initiative said: “We certainly welcome the new independent ownership of Gatwick. The £1 billion capital investment will bring the facilities up to date.” He added that they were working closely with Global Infrastructure Partners, the new owners, to ensure that the airport creates real benefit for the local economy. Smith listed an increase in long haul flights as being helpful to local companies.

Among the areas of new investment was the shuttle between the two terminals and an extension to the North Terminal. The investment will bring improvements to almost every part of the airport, including the South Terminal departure lounge, entrance forecourts, immigration hall and baggage exchange.

As far as the local property market is concerned, Michael Deacon-Jackson of FTD Johns said “it remains challenging but there are opportunities to deal in what is a tenants market.” The problem for offices is that there are 81,288 sq.metres (875,000 sq.ft.) available, or 20% of total stock. Of that 30% is Grade A and the remainder a variety of second hand and refurbished buildings.

There are a number of enquiries, the main ones being for properties up to 929 sq.metres (10,000 sq.ft.). The companies involved are Air Partners, CWHB and Amey. To prove that the market is far from being inactive, Network Rail bought the 1,301 sq.metres (14,000 sq.ft.) G3 for £2141.24 a sq.metre (£199 a sq.ft.) and in Crawley 5,110 sq.metres (55,000 sq.ft.) of offices have been let this year. Deacon-Jackson said: “Recently we have seen an increase in enquiries so there is a little more confidence coming into the market.” Industrial property is more resilient and there has been a reasonable level of activity. In Horsham, Fender Musical Instruments has taken 1,106 sq.metres (11,900 sq.ft.) at £70 a sq.metre (£6.50 a sq.ft.) and Avesco is taking 5,574 sq.metres (60,000 sq.ft.) at Manor Gate, Crawley.