Lease Advisory Market Update
Wednesday 21 September 2022
Flude Property Consultants are delighted to share with you our most recent lease advisory update. Acting on behalf of both landlord and tenant clients, our dedicated professional services team have concluded a number of rent reviews, lease renewals and re-gears.
In our experience, we are seeing consistent levels of occupier activity for retail premises across the South Coast. It is demonstrable that rents being achieved for secondary / tertiary retail accommodation remain robust, but the larger retail centres (and high streets) are still going through a period of rental adjustment. In light of current market conditions, and the ongoing ‘energy crisis’, retailers are often insisting on shorter, more flexible leases.
In terms of the industrial sector, however, rental growth is still being driven by the genuine lack of built supply. In Sussex in particular, there have been very few larger units (in excess of 10,000 sq ft) being made available ‘to let’, so further rental growth looks possible in the short term.
In the larger centres, such as Brighton, we are once again experiencing good levels of demand for office accommodation. Occupiers are seemingly preferring to take higher specification accommodation in order to potentially try and encourage some employees back to the office, with the highest rents being transacted for fully fitted ‘plug and play’ office suites. In the likes of Chichester, however, the market remains relatively quiet. August / September is usually a ‘quiet’ time in terms of enquiries, and we are hopeful activity will pick up as we pass the Summer holiday period.
Click on the link below to view our market update flyer.
