Flowing With The Tide

Posts Tagged ‘flexible office space’

Director of DTZ, Ken Bishop thinks that Royal Mail depot in Stockport is a very profitable estate as it has a 60,000 sq. ft. building spread over almost half an acre of land. The building can be remodeled according to the new owner’s fancy: it can either be repaired or torn down. Originally, the land was to have both office and a hotel.

Investors and developers also seem excited about the property, but the price for it is too high considering the current market situation. It is priced at £1.5m and currently the average rental rate in Stockport is estimated at £18.50/sq ft, which is however, less than the rents at Manchester city centre which are £28.50 more.

Bishop also said that right now Stockport town centre needs rent desk space requiring about a million sq. ft. of new land for offices, which might not be possible because of the fall in the rate of development. In the next ten years, the rate of development is expected to be less than what it had previously been and it is all due to the recent financial downfall.

BskyB has bought a 15 year lease on the 23,500 sq. ft. St. Peter’s Square project for a price of £18.50 per square foot. The project is being handled by BAM and once the work if finished; they hope to accommodate 550 workers there. This construction might also help in the commercial growth of the A6 corridor, according to the city council.

According to property agent Cushman and Wakefield, businesses looking for prime office space in Glasgow just got lucky with the availability of one whole floor at the Capella development.

This space comprises of over 11,000 sq ft of space with large sized floor plates. In addition to this, about 118,489 sq ft of Grade A office space is under construction. This space is over and above the 116,978 sq ft space that is expected to be completed under the G1 development plan at the George Square and Copenhagen Building on Hope Street.

It is worth noting that after the completion of this development, there won’t be any more developments reaching completion by 2012 and hence, this available office space offers a great opportunity for businesses looking to strike a good deal for space at around £26 per sq ft.

Presently, Cushman & Wakefield are trying to encourage tenants to make use of this available opportunity before the prime office space sets on a decline making it unaffordable for smaller businesses. According to the firm, 2010 is the time for market stabilization with respect to rentals but growth expectations would be quite low. However, the worst for the Glasgow as well as Edinburg market seems to have gotten over.

Though the growth rate in this area is quite low, according to FG Burnett, consultants, Aberdeen office market is showing a good amount of activity. The firm is certain that the rising activity in the area is a sign of recovery.

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