The South East East Kent Property Market – Q3 2024
We spoke to Ian Crittenden of Clarke & Crittenden about the East Kent market.
How has your experience been with the 2024 market so far?
Overall, 2024 has been a promising year. As we approach Q4, while activity may be a bit lower than anticipated, we are pleased to see that we’re still busy, with well-priced properties attracting tenants quickly.
Is the industrial sector still the strongest in the market? Do you anticipate further growth of the starter units?
Industrial property continues to excel, maintaining its leadership position for several years and reflecting trends seen nationwide. The versatility of the 2,000 sq.ft basic box has attracted a diverse range of occupiers beyond the typical light industrial users. Its excellent road links and parking options provide a compelling alternative to town centres for retailers and office users. While we’re noticing a slowdown in demand for these smaller units, we’ve still had great success with Phoenix Business Park, Westwood new 800 sq.ft industrial/business units achieving £12.00 psf. Elsewhere, Maple Leaf Business Park, Manston we’re now achieving £9.00 psf for the 2,000 sq.ft units. Many larger units have been divided into smaller spaces, creating a chance for new businesses to flourish. This has however left a shortage in the 3,000-5,000 sq.ft units and the larger 10,000 sq.ft units where there is demand.
How does the retail market compare to other sectors? Single shop units remain in high demand across Thanet, primarily driven by local businesses opening their first shop or expanding throughout East Kent. While larger in-town retail units face challenges competing with
out-of-town options that offer excellent road access and free parking, this creates an opportunity for landlords to adjust pricing strategically to attract more inquiries. We are currently marketing a 32,000 sq. ft. former Wilko store in Ramsgate town centre, with the client thoughtfully pricing it to reflect the market. We have had great success in ‘The Centre’ Shopping Centre in Margate, attracting a range or exciting occupiers from a tequila bar, jazz rooms to record shop and music venue.
What is the current state of the commercial office market? Historically, the area has seen limited supply of high-quality office spaces, with only a few main office blocks available. However, recent years have brought an increase in modern serviced office centres and the conversion of industrial buildings into attractive, contemporary offices. These new offerings are proving to be more popular than traditional town centre office blocks. We have some exceptionally well fitted out offices available, totalling just over 6,000 sq.ft, competitively priced at £7.00 psf. On the smaller side, we’re witnessing strong interest from artists and creative professionals who are seeking dedicated spaces to foster their work outside of home. This vibrant demand highlights the evolving landscape of our local office market.
Could you share your insights on what you anticipate for the next six months?
After a quieter August, we’ve noticed a welcome uptick in activity across the board. While it may not be the explosive surge we had all hoped for, there is certainly an increase in interest across all sectors. Despite some concerns about negative narratives, we’re seeing promising signs of pent- up energy in the market. With interest rates declining, many are feeling optimistic and ready to move forward with their plans. It’s an exciting time for new opportunities.
Commercial Property Agents Development Opportunities Industrial
Chartered Surveyors Retail
Management Offices Restaurants
Sales & Lettings
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