Commercial Property In Plymouth

Having endured the ravages of recession, Plymouth city office space take up could only post significantly minimal lettings. The manufacturing industry however, recorded a modest performance due to the grant facilities that were availed to big employers.

New George Street and Drake circus weathered the recession storm, putting up a brave performance in the retail occupancy, with healthy demand directed towards prominent suburbs site. Small units letting also posted a better performance considering the circumstances, with a take up of 186 sq. (2,000 sq. ft).

There was zero rental increase cutting across all sectors with the town rental market reporting a slight decline to 175 pounds per sq. ft. On the front a figure of 10,500 sq. ft. (975 sq. m) to Argos while the transit way retail park kept a constant figure of out of town rent at 22.5 pounds per sq. ft.

In a nutshell the year 2010 brought with it a major battering of the commercial property in Plymouth city as the city contemplated with the effects of the global recession. Demand for office space take up was virtually suppressed while at the same time the demand for industrial take up overtook the levels attained in 2009. This performance could only pale the one prevailing in 2007 whereby it was 50-60% of what was achieved in 2007.

A significant resource is about to be left vacant in the city, being vacated by Plymouth city Airport. The airport authorities are citing lack of viable options of profitability. The council authorities have however ruled out letting go of the airport land for short term development activities, only insisting that an entrepreneur shall have to be found to take over the whole land for development. That granted, Plymouth city will be up for a major UK commercial property market facelift.