Developers flooding back to the market

Since the economy started to turn around 2013, property developers have started to come back to the UK’s big regional cities, writes Richard Carr.

Northern Powerhouses

Richard Carr image of Leeds

Northern cities have experienced an increase in commercial property investment

Property developer Richard Carr recently wrote about the rise in office rent seen in northern cities Manchester and Leeds and there is more good news for the cities as the FT reports that more than £1bn of property investment has been bumped into the cities over the summer.

In consecutive months during the summer of 2015, Leeds’ local economy was boosted by property investment. Heeton Holdings, a Singapore fund, made its first UK investment outside of London in the Yorkshire city.

In August, Insurance Group Legal & General, invested £162m in project to build a neighbourhood on the edge of the city.

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Commercial office space experiences rental growth

Property development specialist Richard Carr was delighted to read the latest reports which indicate rental growth in commercial office property.

High demand

Richard Carr talks about commerical office rents

Commercial office rents are rising

Like in the residential property market, demand is high for prime rental office space in the UK’s main regional cities. Growth across such markets have experience an average increase of 4.3% in the year to June 2015.

Property consultants JLL’s data reflects a solid outlook for the next 12 months for demand and tight supply of new space.

“Sustained levels of occupier demand combined with the decreasing availability of Grade A office supply has contributed to healthy rental growth with year on year increases witnessed in all bar one of the core eight cities,” said Jeremy Richards, dead of national office agency at JLL.

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