2
R
2
WEDNESDAY, APRIL 3, 1974
THESE FIGURES DO NOT, HOWEVER, PROVIDE THE FULL RENTAL
PICTURE FOR MANY RENTS WERE SUBJECT TO THE PROVISIONS OF RENT INCREASE CONTROL LEGISLATION WHILST OTHERS WERE +FROZEN+ FOR THE
LATTER HALF OF THE YEAR, MR. FRY, SAYS.
TODAY THE RENTALS OF VIRTUALLY ALL EXISTING TENANCIES IN
POST-WAR BUILT PREMISES CEXCEPT THOSE CERTIFIED FOR OCCUPATION
AFTER DECEMBER 14, 1973) ARE SUBJECT TO CONTROL AND TO PROVIDE AN
INDICATOR OF MARKET RENTALS THE DEPARTMENT ANALYSED SOME 4,150
CASES OF KNOWN +NEW+ LETTINGS IN 1973, THE RENTALS FOR WHICH WERE
UNCONTROLLED IN THE FIRST INSTANCE.
THE FIGURES SHOWN IN THIS ANALYSIS INDICATE THAT MARKET
LEVELS FOR NEW LETTINGS ARE ON AVERAGE SOME 50 PER CENT TO 60
PER CENT ABOVE THE RENTS PAID BY SITTING TENANTS. THERE WERE
CLEAR INDICATIONS TOWARDS THE END OF THE YEAR OF A REDUCTION IN
RENTS BEING ASKED FOR NEW PREMISES, BUT THIS WAS MORE APPARENT
IN THE CASE OF MEDIUM AND LARGE FLATS.
SHOPS
ABOUT 1.37 MILLION SQUARE FEET OF SHOP SPACE WAS COMPLETED
IN 1973, AN INCREASE OF 48 PER CENT OVER THAT PROVIDED IN 1972.
ESTIMATED COMPLETIONS FOR 1974 AND 1975 ARE BOTH JUST OVER 1
MILLION SQUARE FEET EACH AND IT IS THOUGHT THAT THIS SHOULD
ADEQUATELY SATISFY THE DEMAND FOR THIS TYPE OF ACCOMMODATION.
VACANT SHOP SPACE HAS INCREASED OVER 1973 FROM 0.79 MILLION
SQUARE FEET TO 1.28 MILLION SQUARE FEET, OR SOME 63 PER CENT.
HOWEVER, LITTLE OF THE SPACE NOW AVAILABLE, OR EXPECTED TO BECOME
AILAB
ILABLE, IS LOCATED IN WHAT MAY BE TERMED PRIME TRADING AREAS.
THE DEPARTMENT'S
J