Newspaper article Evening Gazette (Middlesbrough, England)

Reasons to Be Cheerful

Newspaper article Evening Gazette (Middlesbrough, England)

Reasons to Be Cheerful

Article excerpt

With the commercial property market under the cosh from subdued levels of consumer spending, the removal of empty property rates relief, and a general downturn in the economy, Teesside has a rare moment to be cheerful

TEESSIDE is bucking the gloom with rents holding steady in the commercial property sector, according to latest reports.

Despite a lack of confidence in the national market, there are still hot spots of activity on Teesside, say North-east consultants, GVA Lamb & Edge.

It forecasts the region will out-perform the UK average with all property rental growth remaining positive in 2009, at 0.2%, rising to 1% in 2010.

Its North East Economic Market and Property Review, which took a detailed look at regional office, retail, industrial and residential sectors, as well as the transport and property investment markets, showed that office rents rose by 0.3% year-on-year during the second quarter of 2008, with out-of-town schemes performing particularly strongly.

While town centre retail units were taking longer to let, out-of-town parks had fared better with continued growth in major centres, such as Teesside Retail Park.

It also said that Wynyard Park in Teesside and Amazon Park in Newton Aycliffe would increase the potential for big shed schemes in the south of the region. Here, rental levels have held steady with prime rents, ranging between pounds 5.25 and pounds 5.75 per sq ft for units up to 50,000 sq ft.

Prime industrial rents achieved to date in Teesside are around pounds 4.50 per sq ft.

Mike Cuthbertson, regional senior director at GVA Lamb and Edge said: "'Teesside has enjoyed great success recently in attracting some major occupiers with both Asda and Tesco taking warehouse facilities at Teesport and EDS taking 300,000 sq ft at Wynyard for a Data Centre. …

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