Commercial deals are rising again, says surveyor

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SIGNS that the commercial property market on the south coast is returning to life are continuing.

As previously reported in The News, the take-up levels of business units and other commercial space has been on the increase.

Now new figures have been released which show the number of deals done in the first three-quarters of this year almost equal the number of purchases made throughout 2012.

The figures have come from national commercial property surveyor Lambert Smith Hampton’s south coast office in Segensworth.

So far in 2013, 244,113sq ft has been sold or let along the Solent corridor, which stretches from Southampton to Portsmouth and up to Winchester.

This was done in 24 deals, the largest of which was the 15,113sq ft disposal of Trafalgar House in Winchester to Ashville.

The average deal size was around 5,000sq ft, which LSH says is an increase from the previous quarter and suggests an improvement in business confidence in the area.

New enquiries for office space were also up this quarter and increased by 39 per cent on the second quarter of 2013.

Head of LSH’s south coast office, Graham Holland, picked out business parks in Segensworth and Portsmouth for particular mention.

He said: ‘This has been a very positive quarter for office deals on the south coast – 24 of the deals completed were out of town, reducing oversupply in key office parks such as Solent Business Park and 1000 Lakeside and helping to stabilise prime rents.

‘While supply levels have been relatively stable over the past 12 months, effective supply levels have been significantly reduced through a number of successful applications for change of use from office to residential.’