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Norwest Business Park update

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Latest statisics reveal that vacancy in Norwest Business Park has hit the smallest total in over 5 years. Evidence compiled by Norwest Commercial revealed that there was over 20,000m2 of take up of office space during 2012, reducing vacancy significantly in the park.

Some key highlights in the report identified:

Largest quarterly Net absorption since 2007.

Completion of "22B" the only additional space added to the Norwest market in 2012.

Reduced vacancy producing a firming of rentals.

 

Director of Norwest Commercial, Peter Beaumont, said: "Projecting forward the take up of office space and with a lack of new supply, it is expected that there will be a tightening of vacancy over 2013/2014. This should result in positive movement for rental prices and capital values." 

"There is more competition for investment properties, particularly those with strong lease terms. Low interest rates and increased investor confidence, is fuelling this demand which is resulting in a tightening of yields. 

Overall the statistics reveal a positive outlook for 2013. Increasing demand and a lack of upcoming supply will change the momentum for office rents in the coming 2 years. While there are still some soft sections of the market, many of the hugely reduced properties are no longer available.

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