The North West region recorded positive rental growth of 6.0% and the North East 4.2%. And the largest increase in office rents was recorded in Leeds where a top rent of £22.50 ($37) per sf was achieved, an increase of 12.5% since the beginning of 2002. Outside Central London the highest retail achieved rent was recorded in Birmingham at £29.25 ($48) per sf. A close second was Newcastle at £28.80 ($47.50) per sf . But the largest falls were recorded in M4 Corridor at 4.8%, the North West M25 at 4.7% and the South West M25 at 3.4%.
Chris Hiatt, European Director at Jones Lang LaSalle said: "There is a dearth of good quality accommodation either available or under construction within Manchester and Leeds. This lack of grade A space and unsatisfied demand may push achievable rents upwards when product becomes available."
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
