Kent “well placed” to face Brexit challenges
The commercial property market in Kent is on the rise and puts the county in a good position to face the uncertainty following Britain’s decision to leave the European Union, a study has revealed.
Kent Property Market Report 2016, produced by Caxtons Chartered Surveyors, Kent County Council and Locate in Kent at the beginning of November, says the outlook of the property market in the Ebbsfleet area remains positive, despite Brexit worsening expectations in the UK as a whole.
It explains that Kent now has a significant concentration of high-value industries, which is attractive to relocating companies seeking space. The relative affordability of business space on offer in the county gives it a competitive edge over other south-east locations, particularly given the significant improvements in transport infrastructure.
The report also states that the area will remain a vital gateway from London to continental Europe regardless of the future relationships between Britain and the EU.
Rents at all the county’s major business parks are now exceeding pre-recession peaks, the study found.
The industrial and distribution sector saw a year of strong demand, with the average prime rent rising by nearly 7%. A rise in demand from more technical sectors was also recorded.
Kent County Council’s cabinet member for economic development, Mark Dance, admitted that the year ahead will be challenging.
“But this report shows us that, with substantial planned investment and developments, Kent and Medway offer some of the most exciting economic growth prospects in the south-east,” he said.
“Kent remains an increasingly favourable business location, given the impact of rising prices in London and other parts of the South East, and the help and support Kent County Council offers to business.
“Our location, despite the unknown effects of Brexit, will remain a vital gateway to continental Europe and the county an attractive place for both domestic and international business.”
More information on the Kent Property Market Report is available here.