Derby "is not boom and bust", says Innes England
Derby has experienced a strong take-up of industrial space over the last year but is now facing a shortage of city centre grade units. That’s according to Innes England’s 2010 Market Insite report.
The findings also revealed the city had a strong edge of town office market, which was attributed to the rail and engineering presence on the outskirts of the region.
Nick Hosking, director of Innes England’s Derby office, said: “2010 has seen some big challenges for the Derby property market and the Market Insite report makes for an interesting read at a time when confidence in the market is still mixed.
“Derby’s office sector isn’t boom and bust. It remains robust with strong demand from the rail and engineering sectors, particularly for the final plots on Pride Park.”
Hosking added that over the past two years, the supply of office space has dropped by a staggering 36 per cent.
He said: “This isn’t surprising given the strong take-up of existing space and no spec funding. To help improve the viability of new development, last November, Derby City Council launched a new £10m regeneration fund. The fund is aimed at kick starting stalled developments in the city centre, with the council intending to announce where the investment will be going at international property show ‘MIPIM’ in March.”
In the city’s retail scene, Westfield Derby attracted a host of new retailers and experienced a footfall exceeding 25 million last year.
