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 WestServiced 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.