XN000022-1974-04-03 — Page 4

3.

WEDNESDAY, APRIL 3, 1974

THE DEPARTMENT'S RENTAL INDEX FOR SHOPS ROSE BY SOME 21 PER

CENT OVER THE YEAR GIVING AN AVERAGE RENTAL PER SQUARE FOOT PER

MONTH OF $3.91. IN A SEPARATE ANALYSIS OF RENTS IN RESPECT OF

RE-LETTINGS TO FRESH TENANTS THE AVERAGE RATE PER SQUARE FOOT WAS

$7.68 WHICH INDICATES THAT SITTING TENANTS ARE GIVEN SOME CONSIDER-

ATION BY THEIR LANDLORDS' WHEN IT COMES TO THE RENEWAL OF TENANCIES.

HOWEVER, HERE ALSO, THERE WERE CLEAR SIGNS THAT THE UPWARD TREND

OF RENTS HAD BEEN CHECKED, AND SOME REDUCTIONS WERE BEING REPORTED,

THE COMMISSIONER SAYS.

OFFICES

ONLY SOME 900,000 SQUARE FEET OF NEW OFFICE ACCOMMODATION IS

EXPECTED TO BE COMPLETED DURING 1974 COMPARED WITH 1.35 MILLION

SQUARE FEET BUILT DURING 1973. HOWEVER, ESTIMATED COMPLETIONS FOR

1975 AND 1976 GIVE A MUCH IMPROVED SUPPLY PICTURE AT 3.9 MILLION

AND 3.3 MILLION SQUARE FEET RESPECTIVELY, ALTHOUGH MUCH OF THIS

WILL BE AWAY FROM THE TRADITIONAL CENTRES OF OFFICE ACCOMMODATION.

WITH THE CONTINUING DEMAND FOR ACCOMMODATION OFFICE RENTALS

INCREASED OVER THE YEAR BY SOME 50 PER CENT, WITH THE AVERAGE

RENTAL PER SQUARE FOOT PER MONTH RISING TO $4.56. THIS, OF

COURSE, IS AN AVERAGE FIGURE AND IT IS KNOWN THAT LETTINGS IN

SOME NEW BUILDINGS HAVE BEEN AT ABOUT TWICE THIS LEVEL.

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/HOWEVER, WITH