Rents may rise as Peterborough revives the office market
Office rents in Peterborough are expected to rise this year as companies compete for the best locations.
The hike is expected, as landlords make high-quality renovations of urgently needed office space.
Savills says Peterborough is poised for an office market revival this year with availa, increasing by 100%.
The revival will take three years, when landlords have used the Permitted Development Rights (PDR) to convert offices into residential uses. At the beginning of 2017, only 60,000 sqm of Class A space remained available, mainly at Stuart House on City Road.
But as the PDR trend slows and speculative activity slows, some landlords have invested in high-quality office redevelopment
Savills say this has led to an increase in supply. For example, 60,000 sq m of Class A accommodations at Lynch Wood Park hit the market late last year.
Edward Gee, Associate Director at Savills, said, "The influx of refurbished office space is likely to make a significant difference encouraging a burst of activity when we begin in 2018."
"With no speculative development ahead, we expect rising rents Until recently, rents have been seen at around £ 13 to £ 15 per square foot, but there are now a number of landlords who indicate significantly higher what an indication of expected demand is.
"With heavy rail links to London and its status As a gigabit city, Peterborough remains an attractive commercial location that will be fundamental to the inevitable revival of the market. "
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