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MEDNESDAY, APRIL 3, 1974
HOWEVER, WITH OVER SEVEN MILLION SQUARE FEET COMING UP IN
1975 AND 1976 WE SEEM TO BE MOVING TOWARDS A POSITION OF OVER-
SUPPLY, WHICH MUST, IN DUE COURSE, AFFECT THE PRESENT TREND OF
OFFICE RENTS, MR. FRY SAYS.
FLATTED FACTORIES
THE TOTAL OF 3.27 MILLION SQUARE FEET COMPLETED DURING 1973
WAS ALSO LESS THAN THAT EXPECTED BUT NEVERTHELESS THERE STILL, AT
THE END OF THE YEAR, WAS SOME 2-1/4 MILLION SQUARE FEET OF SPACE
VACANT.
THE AMOUNT TAKEN UP DURING THE YEAR AVERAGED SOME 350,000
SQUARE FEET PER MONTH WHICH IS ONLY A LITTLE OVER HALF THE AVERAGE
FOR 1972 C640,000 SQUARE FEET).
DURING 1974 SOME 4.2 MILLION SQUARE FEET IS EXPECTED TO BE
COMPLETED AND THIS, TOGETHER WITH WHAT IS NOW VACANT SHOULD BE
AMPLE TO MEET THE IMMEDIATE FUTURE DEMAND. A FURTHER FIVE MILLION
OR SO SQUARE FEET IS EXPECTED TO BE COMPLETED IN EACH OF THE
YEARS 1975 AND 1976.
THE DEPARTMENT'S RENTAL INDEX FOR FACTORIES ADVANCED BY ONLY
ABOUT SEVEN PER CENT OVER THAT FOR 1973, AND A SEPARATE ANALYSIS
OF REPORTED NEW LETTINGS IN 1973 INDICATES THAT NEW RENTALS ARE
ONLY MARGINALLY HIGHER THAN THOSE PAID BY SITTING TENANTS.
SOME
DOWNTURN IN RENTS FOR. FACTORY SPACE ALSO SEEMS LIKELY, ACCORDING
TO THE COMMISSIONER.
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