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As the British economy continues to flounder, business parks in the country are struggling, according to a recently released research report.
Commercial property advisor GVA has released a report that states renter activity in business parks has only improved incrementally and that overall they continue to fare badly.
The first six months of this year saw a total take-up of 1.6 million square feet of office space in business parks across the UK , according to GVA. This represents an increase of 8 percent on the previous six months but is still 23.8 percent below the five year average.
However the research also showed that some regions are seeing more activity in their business parks. Particularly the South West has managed to maintain a fairly steady position.
Ben O’Connor, the regional head of GVA in Bristol said: “Whilst we have seen no change in our rental growth, other regions have witnessed steep declines, such as in Yorkshire and Humberside where rental values have fallen by almost seven percent.
“Companies with good exposure to international markets are likely to lead the occupier market recovery, and we are waiting to see what impact the revival of enterprise zones will have on this market.”
Other regions also reported some increased activity in their business parks.
GVA director Ian Steele said: “Despite the continued economic uncertainty, there have been pockets of transactional activity on some of the North West’s business parks.”
And in Cambridge an increasing demand for office space pushed the headline rents up by 8.3 percent.
Prime headline rents still remain at least four percent below their peak in 2008 the GVA report also stated.
Furthermore the amount of office space currently under construction in the UK is the lowest since the GVA survey began 16 years ago.