According to a new report by the RICS (Royal Institution of Chartered Surveyors) the UK’s resilient economy is continuing to drive tenant demand for commercial space across all sectors of the market, a sentiment echoed by commercial property agent Prop-Search.
The last quarter of 2014 saw the rate of increase ease modestly, although the retail sector managed to maintain its pace of demand growth. Indeed Prop-Search can report that in Rushden, three retails units on the High Street have recently been let to new tenants.
The final vacant part of the former Wills department store has been let to a mother and daughter team for a new store selling Liberty Flights electronic cigarettes and e-liquids. Liberty Flights – one of the world’s leading specialists – have spent the time and research to present a reliable way of delivering an authentic nicotine experience, but without the many dangers and social aspects of conventional cigarette smoke. The e-liquids come in a vast array of flavours including chocolate, maple waffles, whiskey and strawberry milkshakes.
The former btg travel agency’s premises, between Store Twenty One and Superdrug, have also been let – following a successful planning application – to BG Bet. Founded in 1968, when know as Brian Goodyear Bookmakers, BG Bet has over 35 years of experience offering betting services and has grown from its traditional bookmaking roots business to now offering all aspects of the gaming market including casino, slots and.
Finally, a 915 sq ft retail unit at 82 High Street, next to Labrokes has been let for a new luggage and leather goods store.
The availability of empty retail premises, along with those in the office and industrial sectors, have also – for the sixth consecutive quarter – continued to fall significantly across Northamptonshire. Anecdotal evidence is now suggesting that a general lack of stock could start to hamper occupier demand going forward.
Samantha Jones, an Associate Director at Prop-Search, says: “We are now at a stage across most of the County where both occupier and investment activity is becoming frustrated or constricted by a lack of supply. We are seeing healthy enquiry levels from both investors and occupiers, however, we still need to see more properties coming to the market to meet these needs.”
The latest figures from the RICS show that the availability of space, whether it be industrial, office or retail, are at their lowest levels for over a decade. As a result, rents have started to harden across the board with less generous incentives being offered to new tenants.
Samantha Jones concludes: “Domestic economic conditions are set to remain relatively favourable, with 2015 expected to bring another year of solid growth. There are also predictions that the year will see further growth in rents of around 3% for prime stock.”
