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| 01.01.08 DEMAND HOLDING UP WELL Exerpt from Property News SouthDespite the doom and gloom that seems to abound regarding economic propects for the coming year, agents report that demand for commercial property across the south is holding up well. The commercial property market should remain buoyant, predominantly owing to a continued shortage of grade A office and sub-10,000 sq ft industrial accommodation along the Solent Corridor. The key driver is demand from the buoyant small-to-medium enterprise sector along the M27 and M3 corridors. Furthermore, those two factors coincide with the trend to site staff away from congested city centres. Two prime examples of successful out-of-town business locations are Botleigh Grange business campus, near Eastleigh, and Victory Park, Whiteley. With dwindling supply, we have just let space at a record £18 psf at Botleigh Grange. Such is the pent-up demand, we are buying land on behalf of a client for a speculative office development, the first of its kind locally in years. Victory Park, a newly completed scheme of 14 freehold or leasehold offices by office parks developer Business Homes, is another similar success story. Nine have been sold, with two more sales imminent, with a healthy £19.50 psf for a five-year lease. |
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