Alder King report highlights office growth in south west
Alder King released a report analysing the last 12 months in the south west commercial property market.
Property consultants Alder King have released their findings relating to the health of the commercial real estate market in the south west of England during the previous 12 months.
There are promising improvements relating to office space in the important cities of
Bristol, Gloucester, Cardiff and
Swindon.
These findings are from Alder King’s annual Market Monitor report which focuses on how well commercial properties are faring in the south west in contrast to the rest of the country.
Swindon had mixed news in relation to its office take up when comparing 2010 to 2009. While overall the level of office space take up increased, when the figures are viewed individually, 58,400 square feet came from Motorola leasing offices at Trilogy, Kembrey Park.
Gloucester saw its commercial properties in 2010 rise to over 200,000 square feet of office space, which was an increase on the figures in relation to the twelve months of 2009. The city benefited from increased demand of commercial sites in out of town business parks as well as city centre office space.
Compared to the ten year average, Bath faired poorly in relation to office leases and sales, however the ROman city did show signs of a recovery, with office take up increasing in 2010 compared to 2009.
Office space in Bristol saw a revival of fortune in the city centre and the north of the city. Office occupancy rose by 4% in 2010 when compared with the all time low of 2009 levels, with financial and professional service sectors investing the most into the Bristolian office scene.
Meanwhile in Wales office space in Cardiff rose but Swansea saw its office space vacancies rise. While Cardiff saw an uptake of 160,000 square feet of office space in the first six months of 2010, an increase of 100% compared to 2009; Swansea saw a regression by 50% in 2010 compared to 2009.