Produced by Caxtons Chartered Surveyors, Kent County Council and Locate in Kent, the 28th edition of the Kent Property Market Report reveals the county has performed well thanks to the strengthening perception of its relative value for money. It has also mirrored national trends and performance.
Kent’s accessibility, combined with its relative affordability, is driving demand from a range of business occupiers who are now seeing it as a viable alternative to other parts of the South East, according to the 2019 Report.
The growing strength of demand is placing the county firmly on the radar for investors and developers, especially for industrial property investors, notably for warehousing and logistics.
The report identifies that house prices in Kent remain relatively affordable compared with the rest of the South East and this is driving housing demand, particularly in the county’s commuter towns.
Activity in the office market has been driven by local business growth, with smaller floorspace lettings resulting from a shortage of space. The districts with new accommodation in the pipeline, such as Canterbury, Ashford and Maidstone, are seeing greater activity, especially from the emerging knowledge-based and creative industries.
Despite confidence holding back decisions, Kent’s town centres have seen a number of significant office lettings over the last 12 months. Additionally, there is more serviced office space coming on stream. Demand for prime office space remains strong across Kent, with a lack of supply resulting in an average rental increase of four per cent during the last year.
Leader of Kent County Council, Roger Gough, said: “This year’s report looks at how Kent has fared throughout the last year and I’m pleased to say the county’s economy has maintained its resilience. I believe Kent remains the best place to invest with major initiatives and projects to support growth and economic development in our county as we head towards 2020.”
To download a copy of the 2019 Kent Property Market Report, visit: www.kentpropertymarket.com