Kent, Surrey & Sussex Kent Predicts Positive Property Growth
Discovery Park, Sandwichl
Despite the tough economic climate, Kent’s property sector remains optimistic, according to leading property experts Caxtons and partners Kent County Council and Locate in Kent.
At a recent Caxtons event, which provided an update on the annual Kent Property Market Report, 70% of attendees predicted growth in turnover and profit for the next two years, with the sector more positive for the long-term.
The county’s two science parks, Discovery Park and Kent Science Park, continue to do well. At Kent Science Park new labs for biotech and agritech start-ups are available in the Ventures Building which opened in February. At Discovery Park, demand for its incubator space has been strong and Barclays opened an Eagle Lab-co- working space for start-ups and scale-ups. With lab space at a premium within the golden triangle of London, Oxford and Cambridge, and occupier demand strong, Kent’s cluster of life science and biotech companies is growing.
The office market is stabilising as people return to their desks. Caxtons has seen signs of new requirements being, on average smaller than before,
with newly formed companies and
small SME’s taking serviced office space or even continuing to work from home.
Demand for flexible co-working office space had surged and recent indicators suggest that demand will continue. Kent is well placed to ride economic volatility across 2023 providing a temporary office space solution to businesses who might not want to commit to longer leases. Across Kent office refurbishments are under way or on the market.
The industrial market remains buoyant. A quick snapshot of rents shows in Dartford they have increased by 11%, in Gravesham by 27% and in Maidstone by 18%. South East industrial land values have reduced in places by at least 50%, and although not yet seen in Kent, a few sites have not reached their ‘top of the market’ asking price. A few more realistically priced sites are coming to the market. Last month the VOA (rating agency) published its draft rating list, indicating that industrial rates are likely to rise.
There is no real change in the retail market, high streets continue to struggle, although some of the voids are now filling up, often with hospitality businesses and retail warehousing continues to be
quite buoyant. April’s business rates revaluation will reduce retail rates, especially at shopping centres
which will hopefully encourage new openings and forestalling closures.
Across all property sectors, there is plenty to be positive about Kent.
www.kentpropertymarket.com
Innovation Park Medway SAVE THE DATE The Kent Property Market Report and launch event are
produced and curated annually by Caxtons, KCC and Locate in Kent using industry data, research and analysis.
The 2023 report will once again provide an in-depth analysis of the performance of the county’s business parks, offices, industrial and distribution, retail, rural and residential property.
The next edition will be launched at 07.00-11.00 on 7 November in Ashford – and places can be requested by emailing:
projectsupportsp@kent.gov.uk referencing KPMR2023.
Panattoni Park Aylesford 22 COMMERCIAL PROPERTY MONTHLY 2023
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