Newspaper article The Journal (Newcastle, England)

Business Parks Challenge

Newspaper article The Journal (Newcastle, England)

Business Parks Challenge

Article excerpt

GVA, the UK's largest independent commercial property adviser, has just released its spring 2012 Business Parks Review, which indicates a challenging period for business parks. Take-up in business parks across the UK reached 2.27m sqft in the second half of 2011, the highest six monthly total in three years and 12% above the five-year average.

However, the research shows that availability was also high, reaching 16.9m sqft at the end of the year, the highest recorded in the survey's sixteen year history, indicating that healthy take-up has been outweighed by space returned to the market.

Similarly, the vacancy rate is at its highest ever level, increasing from 17.1% to 17.7% over the six months since the last survey. While most regions have similar vacancy rates, the North East and Scotland's rates have both seen significant increases.

Meanwhile, the amount of office space under construction in UK business parks fell to its lowest level in the 16 year history of the survey. …

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