20th May, 2019
Strong demand for industrial assets in Devon and Cornwall led to strongest Q1 in a decade.According to the CoStar group, who monitor industrial sale volumes across the UK, investor interest in the Devon and Cornwall industrial market has picked up strongly in recent years in contrast to a wider national slowdown.That pick up has seen Industrial investment across Devon and Cornwall in Q1 2019 exceed £20 million, nearly double the amount spent in the same period in 2018.
This buoyant start to 2019 follows a busy 2018 which saw many institutional investors enter the commercial property market encouraged by a combination of positive occupier demand, limited construction, rising rents and low vacancies.
CoStar report that industrial vacancies in Devon and Cornwall currently sit just above 1% giving the region the lowest vacancy rate of all Southwest industrial markets and one of the lowest vacancy rates across the whole of the UK.
CoStar also report that on the back of this demand rents have responded with an annual growth of 3% as of April 2019.
The CoStar market report backs up the considerable surge of interest that we have had from both private and institutional investors at the start of 2019. With continued uncertainty in various investment markets commercial property is seen as an attractive way of securing good net yields, particularly with the current growing demand for industrial space. If you are thinking of disposing of industrial space then now is a very good time to go to market.
If you are looking to buy, sell or lease industrial space please do get in touch with the Commercial Agency team on 01872 247035.
About Miller Commercial
As Chartered Surveyors and Business Property Specialists, Miller Commercial offer market leading services across Cornwall, the wider South West and the UK as a whole. Clients are attracted by our breadth of experience, depth of knowledge, and the sheer number of transactions we successfully conclude.