The Bath office space market has changed markedly over the past three decades.
In the past traditional period buildings were converted into offices. A lot of these
are situated near to Queen Square.
As the service sector boomed during the 1980′s so did the demand for office space. In response to this demand developers built several new schemes close to the Lower
Some of the major developments in Bath include:
- Riverside Court
- The Square
- Marples Wharf
- Camden Mill
These office developments helped Bath become an important sub-regional commercial city in the South-West.
The Aberdeen office space market is one of the most healthy in the whole of the UK. This is largely due to continually strong demand, (especially from companies involved in the oil industry) and also that lack of new, high grade office stock.
Rental values have remained consistent at around Â£30 per square foot, which is inline with what landlords are asking for premium office space in both Glasgow and Edinburgh. Some of the most prominent business locations in Aberdeen are Union Street and George Street.
Serviced office company Citibase will delay their proposed flotation until early in 2009. The company wanted to get listed on the AIM in the middle on this month but will wait until next year.
The take up of office space by Banks in Docklands and the City fell 69% in 2008 according to office agents Cushman and Wakefield. From Oct 2007 to Oct 2008 the total take up by banks was just over 505,000 sq ft, down from over 1.6 m sq ft the same time a year ago.
The agent warn that vacancy rates in the City could reach a staggering 14%. Citibak have already sub let a whopping 190,000 sq ft recently. This preminition is based on a prediction of 90,000 job cuts. But the situation is not expected to be as lengthy or as painful as the recession of the early 1990′s.
The big question surrounding the Manchester office market is whether the new stock that is coming in 2009 will excentuate the current problems. There are two major schemes that remain un let – Chancery Place and Belvedere . In addition to this the headline rental value Â£28.50 is not expected to rise in the coming year. Despite the danger of oversupply office agents GVA Grimley are predicting a 1% growth in the financial and business sectors in 2009.
Well, it should be a long journey until we have many readers, but in the meantime, if you are here, please enjoy reading our office space blog.