Glenny LLP has released the latest market research in its Q3 2016 Databook. John Bell, Partner at Glenny and Head of the Business Space and Industrial Agency division, said:
"The vote to leave the EU was expected to trigger a decline in the economy and, in turn, a decline in demand for industrial and office floor space. The reality of the situation is that the economy has remained stronger than expected; the industrial and office markets in our region have seen occupational demand strengthen resulting in rents for both prime and secondary property continuing to edge higher. "Take up in these markets has undoubtedly suffered but our analysis suggests that this was more a consequence of a shortage of supply, particularly for new and ?Grade A? space, rather than a lack of interest on the part of the occupier. "Almost two thirds of the locations in the Glenny region have experienced double digital annualised rental growth over the past three years and this trend seems set to continue. "This rental growth story has become very compelling for investors with more than £1.1 billion of industrial assets being purchased in our marketplace over the past two years. "The over-riding message, therefore, is that despite some economic uncertainty the commercial property sector across the Glenny region remains ?open for business?."