Smart Future: South West Property Market 2015
On Wednesday 4th February over 130 JLL clients and business contacts attended the South West Property Market Review in Exeter. This event, the second in the series of three in the region, focused on the theme of 'Smart Future', and saw speakers discussing how our workplaces are evolving in response to the changing needs of businesses.
Speakers at the event included Ben Burston, who provided an economic update, Charles Kislingbury, who outlined Smart living, Tim Western, who discussed smart working and money, Will Dale, who covered Smart retail and living, and Anthony Oldfield, who outlined smart alternatives. Dave Underwood, Deputy Director from the Met Office was the guest speaker and he discussed 'Big changes, big data and opportunities'.
"The low level of 'take up' across the office market regionally has been largely due to a lack of quality second-hand or Grade A supply in the market and this despite continued and increased business confidence. There is undoubtedly extant demand. We believe deals will be signed on the key development sites in Somerset and Devon this year, with Cornwall in 2016 with its next convergence programme coming through.
The industrial & logistics market is ahead of the office market with new-build transactions under way. Geopost DPD will move into 60,000 sq ft at Skypark in the late summer and acting on behalf of STILL Materials Handling, we have agreed terms for a new 72,500 sq ft UK HQ at Hill Barton Business Park.
In 2015, there are real prospect of rental growth across both the office and industrial market. With decreasing supply; greater economic stability and business confidence; the requirement for shorter leases; the Hinkley Effect; and the increased cost of constructing new buildings has to equal upward pressure in rents."
Director, UK Research
"The outlook for 2015 is for continued solid growth at a national level, with consumer spending supported by the return of real wage growth and a low interest rate environment to persist given the recent sharp fall in inflation. The South West will continue to be among the fastest growing regions, given its relative strength in knowledge based sectors, and this will provide a supportive backdrop for Exeter's real estate market this year."
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