5
Commercial
Supply of commercial space in 1994 was 240,000 square metres, around 12% less than in 1993.
Take-up represented a little over half of the year's supply, and year-end vacancy was 6.8% of stock.
Forecasts for 1995 point to an increase in supply levels, to 264,000 square metres but in 1996, it is expected to drop to around 174,000 square metres. The retail indices show that prices and rents at the end of 1994 were up by 4% and 16% respectively on a year earlier.
Flatted factories
Please note that the flatted factory category includes floorspace with planning permission for industrial-office use, but for which no lease modification has yet been instituted.
It should also be noted that much of the flatted factory space provided recently has been built to a good standard with good finishes. Most such space is occupied for a mix of office and light industrial uses. This is also likely to apply to that currently under construction.
1993.
At 266,000 square metres, supply in 1994 was almost 14% down on supply in
Take-up in 1994 was effectively a negative 73,000 square metres. Vacancy at the year-end rose only marginally however, to 6.3% of stock. This phenomenon was largely due to a relatively high demolition rate in the year. Forecasts in 1995 point to a supply of 268,000 square metres, of which about 7,000 square metres is potentially industrial-office space, that is, with planning permission.
In 1996, completions are expected to rise again to 395,000 square metres, 23,000 square metres of which is potentially industrial-office. Early indications are that supply in 1997 will be slightly down on 1996 levels. The price and rental indices for the end of 1994 show little change from a year earlier.
Industrial-office
This new category comprises floorspace which has both planning permission for industrial-office use and a lease modification completed or in progress.