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Thursday, September 11, 2023

King Sturge survey highlights global property slowdown

A number of office and industrial property markets throughout the world reported a slowing down in leasing transactions in the first half of 2008, according to the new King Sturge Global Industrial & Office Rents Survey. This fall has been triggered by a combination of the credit crunch, weakening global economy and a lack of positive occupier sentiment.

Globally, industrial occupation costs barely reached 1.0% growth on average per city over the last survey period, with stronger growth registered in the Asia Pacific region at 4.7%, followed by Europe at 1.5%, whilst North America experienced a fall of 2.1%.

London Heathrow remains the most expensive location for industrial property in the world, where the total occupation cost for prime industrial property remains unchanged at Euro 255.90 m² (£18.80 ft2) per annum, followed by Moscow and Oslo. The cheapest location for industrial space in the survey is Bucharest in Romania where the occupational cost is Euro 60.60 m² per annum.

Edinburgh and Glasgow were placed 10th and 11th respectively in the industrial poll, just behind Bristol in 9th position and Birmingham at 5th. In Edinburgh, the industrial occupational cost was Euro 136.12 m² (£10.00 ft2) per annum for small industrial property and Euro 112.30 m² (£8.25 ft2) per annum for large industrial property. Costs in Glasgow were slightly lower at Euro 126.59 m² (£9.30 ft2) per annum for small industrial property and Euro 111.62 m² (£8.20 ft2) per annum for large industrial property. The other UK cities of Leeds, Manchester and Cardiff were placed 16th, 17th and 19th respectively.

Commenting on the Scottish market, Douglas Patrick, Scottish Industrial Partner at King Sturge says "Despite challenging market conditions, the Scottish market is proving remarkably buoyant and the rankings for Glasgow and Edinburgh can be attributed to the sustained demand for good quality, well-located industrial space around the cities."

The King Sturge survey reveals that global office occupation costs rose by 3.2% on average per city, with growth being slightly stronger across the Asia Pacific region at 3.9% on average, followed by Europe at 3.1% and 2.8% in North America.

Yet again, London's West End tops the list as a prime office space location at Euro 1,851.21 m² (£136.00 ft2) per annum, followed by Hong Kong and Moscow. Belfast in Northern Ireland at Euro 319.88 m² (£23.50 ft2) per annum is the cheapest city in the survey for office space.

Edinburgh and Glasgow were ranked 15th and 20th respectively for office costs. The in-town occupation cost for Edinburgh stood at Euro 598.92 m² (£44.00 ft2) per annum, compared with Euro 456.00 m² (£33.50 ft2) per annum for out-of-town. Glasgow?s in-town cost was Euro 537.67 m² (£39.50 ft2) per annum and Euro 367.52 m² (£27.00 ft2) per annum for out-of-town.

John Clement and Campbell Hart, Office Agency Partners at King Sturge said, "In Scotland, it is currently a tale of two cities. In Edinburgh, whilst inquiry levels are at a low ebb, the absence of new Grade A stock for the foreseeable future suggests that come recovery rents could increase significantly.

"Meanwhile, in Glasgow, Grade A take-up is well down and whilst there are a number of significant deals in legals and other occupiers 'in play', there is a reluctance to fully commit. This may be due to the time lag in arrival of viewable new Grade A, but more likely is the expectation that competition between eight buildings bringing 676,000 sq ft (125, 758 sq m) to the market in 2009 will yield better terms - hence testing times may lie ahead."



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