Such is its strength that industrial property achieved an 11% rental growth in 1997 outperforming the IPD All Industrial sector by 4.7%. Future growth is promising with more than 1.5 million sq ft of space due to be built in the next two years and only 18 months supply on 19997 take-up rates. However, the M40 corridor is also emerging as an additional location to the M3/M4 Corridor for High-tech office occupiers.
Oxford’s office economy has recently gained momentum by the attraction of a number of expanding international and indigenous high-tech companies that have located on one of the city’s business parks. As the movement includes so much documentation and paper work best conveyancing brisbane it is constantly sensible to stick to a specialist. During the early 1990s, growth was fuelled by demand from the manufacturing sector, much of it concentrated within the Midlands.
Almost half the high bay warehouse space scheduled to open in 1998 is dedicated to the distribution of retail goods, according to the latest research from international property Consultants Hillier Parker.The level of retail distribution activity has been rising gradually over the past two years. In 1997 the high bay warehouse market experienced significant growth, as total operational stock continues to expand at over 20% per annum.
Guy Frampton, Partner and head of the Industrial Team at Hillier Parker, comments: The specialist nature of a high bay warehouse has deterred speculative development in all but a few instances over the last four years. Occupiers continue to seek pre-lets, or indeed the flexibility offered by the purchase of land.
With latest techniques enabling construction in less than 20 weeks, this is a more attractive option than in other property sectors. With almost 70% of occupier acquisitions in 1997 taking the form of a land sale, opportunities for sale and leasebacks are numerous. For example, during the last eighteen months Booker plc have purchased two sites at Hatfield Business Park and Swan Valley, Northampton on which they built units of more than 30,000 m² (323,000 sq ft).