16
Wednesday, March 27, 1974
Most of the vacant shops were located in the peripheral areas,
thus tending to force down rents in these areas, but there were also reports
of rents being reduced in the more central shopping areas.
"There is likely to be an ample supply of new accommodation both
this year and next," he added.
Office space in the central areas, however, was still hard to
find and the supply this year was not expected to meet demand, the Financial
Secretary said.
"Thus, for the time being, rents seem likely to continue on
an upward course.
"However, 1975 and 1976 look to be record years with the prospect
of some soven million square feet becoming available.
"Landlords who press too hard for large rent increases now may, therefore, well find the position reversed in a year's time, particularly
as much of the space now being built will be in the low-rental areas which, if rents in the central districts of the urban area continue to increase,
will begin to look more and more attractive," he said.
Turning to flatted factories, Mr. Haddon-Cave said that, while space vacant in flatted factories, at 2.24 million square feet, was rather less than last year, "there seems to be more than sufficient available
to meet demand and there are clear indications that rents in the less popular
industrial areas are coming down."
/Estimates of ******
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