Lease Advisory Market Update
Friday 21 June 2024
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.
Across the south coast, there remains a limited supply of built and available industrial/warehouse accommodation. That said, a number a speculative schemes have either recently been completed, or are nearing completion, including the Panattoni Park in Burgess Hill. In Brighton and Hove, there is an ongoing ‘churn’ in terms of the availability of smaller units and rents have tended to remain resilient as a result. However, we have seen evidence of rents softening in other locations, in comparison with rates being achieved 18-24 months ago.
In Brighton, the office sector has continued its trend of unpredictability over the last two quarters, with some positive activity post the new year being replaced by a period of subdued activity over the past two months. Having entered the summer period and with a general election just around the corner, activity is not expected to pick up until after the summer and the election period has passed. Rents appear to be remaining steady, with little evidence of growth in both the primary and secondary office sub-markets.
Lastly, the retail sector has surprisingly seen good levels of activity over the past quarter. In Chichester in particular, whilst rents remain at suppressed levels, there has been evidence of rental growth in the prime pitches following a number of recent lettings. However, despite much activity, several more shops have since become vacant, including the recent closure of Harvey Jones on South Street. Demand in Brighton’s bohemian North Laine District also remains strong, underpinned in this case by a limited supply. But, it is self-evident that retailers are continuing to take advantage of re-based rents, by relocating to more prominent/desirable retail pitches within the respective locations.
Click on the link below to view our market update flyer.
