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SEGRO sees more of the same in Park Royal / Greenford, says Steve Payne, Leasing Manager at SEGRO

wantspacegotspace.co.uk - Industrial warehouse space segro park royalSEGRO, has experienced another active year of lettings in its Park Royal portfolio. A total of 25 new leases were granted throughout the year.

The vast majority of this space was refurbished second hand property where companies were looking to secure good quality units in strong locations. By offering quality refurbished buildings along with flexible lease terms SEGRO was able to attract a range of new customers. As with previous years food production companies were prominent on this list along with firms working in the media and television sector.

Although we had some success in 2012 it was against a backdrop of challenging market conditions. There is still a high degree of nervousness amongst companies looking for new accommodation, whether they are taking on more space or looking to downsize. The process of agreeing the lease is taking at least several months in most cases with solicitors acting for tenants taking cautious stance on most points.

Saying that there does appear to be a lack of supply of new and modern warehouse and industrial units in the Park Royal area. This is especially true in the larger size range of over 30,000 sq ft. Occupiers in this size range are looking for buildings with a good eaves height, large secure yards and parking areas with a sensible proportion of offices.

At this early stage of the year it is difficult to spot if things are looking brighter for the rest of 2013. It therefore appears that landlords will have to continue to work hard to secure tenants on acceptable terms.

Posted by The Editor (wantspacegotspace) on 18th January 2013 (updated 21/01/2013)

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