The West Country In My View By Noel Stevens Partner at Alder King Exeter
Exeter’s commercial property market has proved robust in recent years, with the office and industrial sectors delivering above average take-up and rental growth.
As in other regions, the city’s industrial market has performed especially well, with several years of strong demand against a backdrop of limited supply. Small sub-2,000 sq ft industrial is the size most in demand and there has been some welcome small unit development at Mercury
Business Park in Cullompton and Exeter Trade Park with completed units letting quickly.
The now complete Exeter Trade Park scheme on Marsh Barton Trading Estate has been notable for transforming trade counter rental levels, up from £12.50 to £18 per sq ft. The trade market is highly sensitive to location so these rental levels haven’t transferred to the nearby Matford Green and Marsh Barton estates but have helped boost secondary rents in these locations from sub-£10 per sq ft to c. £15.00 per sq ft.
Matford Green Business Park saw its final phase built out and let in 2023, rounding off a very successful 10 year development programme. Over 26 acres has been developed for motor trade,
trade counter and industrial use. Arguably, the highest profile letting was saved to last, with Tesla opening a new 20,000 sq ft dealership in late 2023.
Exeter’s out of town office market saw encouraging take-up in 2023, particularly in the second half of the year as occupiers seek better quality accommodation to meet their ESG aspirations and provide a first class working environment for their staff. This positive sentiment has continued into early 2024 with an increase in enquiries maintaining a welcome positivity in the market.
Lettings in the recently refurbished Aperture on Pynes Hill and Longbrook House have helped support office rents at the top end of the market which now stand at £21.50 per sq ft.
Supply continues to grow as secondary office space comes back to the market. Much of this space is likely to remain vacant for some time. While there is demand for quality office accommodation, especially freehold, Exeter is unlikely to see new build offices unless through a pre-let. Construction costs and a shift in yields mean that rents in excess of £30 per sq ft would be required to make development viable. With the best existing space available at a quoting rent of £25 per sq ft, there is enough of a gap to make investors and developers cautious.
nstevens@alderking.com 01392 353093 07974 156869
www.alderking.com
Exeter Science Park – A Dynamic Hub
industry conferences, social events and much more. All of which are bookable in person through a dedicated team, or online.
Collaboration is at the heart of Exeter Science Park’s ethos. The park actively promotes networking and interaction among its tenants, fostering a community of like-minded individuals and companies. Regular events, seminars, and workshops provide opportunities for knowledge exchange, partnership building, and joint working.
In addition to physical infrastructure and networking opportunities, Exeter Science Park offers a range of business support services. From account management, access
to
Exeter Science Park, located in the heart of Devon, UK and part of Exeter and East Devon Enterprise Zone, is a dynamic hub that fosters innovation, collaboration, and growth supporting the STEMM agenda. For companies engaged in scientific research, technology development, and innovation it is the perfect location. The park offers a range of property and services designed to support businesses at every stage of their development. It is owned by four major shareholders: Exeter City Council, University of Exeter, Devon County Council and East Devon District Council.
One of the key services provided by Exeter Science Park is the letting of very high- quality EPC A+, office and laboratory spaces, providing an ideal environment for research and development activities. Whether a startup or an established company, tenants can benefit from flexible lease to grow options that cater to the evolving needs of their businesses. There is also a dedicated coworking suite available with monthly and daily use packages to suit.
The park also offers a range of conferencing and event space for hire with full onsite catering facilities. It is the chosen venue for many private and public sector organisations to hold product launches, sector events,
68 funding opportunities, business
development advice, all combine to provide a comprehensive support system enabling tenant businesses to achieve their goals. The park is also home to innovation and acceleration partner Set Squared Exeter who can provide support to individuals with business ideas, to develop and shape them into early-stage ventures.
Through its partnerships with local universities and research institutions, the park facilitates collaborations that bridge the gap between academic research and commercial applications. This connection to academic expertise opens doors for businesses to access cutting-edge research, talent, and resources, enhancing their capabilities and fostering innovation.
The park’s easily accessible strategic location close to the vibrant city of Exeter adds to its appeal. Situated within a region known for its natural beauty and quality of life, Exeter Science Park offers a unique work environment that combines professional opportunities with a high quality of life for employees and their families.
Website -
www.exetersciencepark.co.uk Email -
jbuck@exetersciencepark.co.uk Phone – 01392 247047
Please quote CPMESP1 for special discounts COMMERCIAL PROPERTY MONTHLY 2024
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