01480 213811

COMMERCIAL PROPERTY LEASES HIT EIGHT YEAR HIGH

Leases for commercial property are at their longest since 2007 according to a new report from MSCI/IPD, with local Chartered Surveyors and Planning Consultants Barford + Co echoing the new findings.

St Neots based Barford + Co, which specialises in commercial property, land and planning across Cambridgeshire, Bedfordshire and Northamptonshire, has also seen commercial leases lengthen, with more and more tenants keen to stay put.

The latest report found the average length of a new commercial lease was 7.2 years in 2015, with retail leases taking the top spot at 7.5 years.

Mike Duncan, Chartered Surveyor at Barford + Co, said: “Over the last year we have definitely seen an increase in lease lengths, with fewer tenants defaulting on their agreements and exercising break clauses. The retail market in particular has seen the longest leases, with retailers keen to hold on to space in prime positions.

“The fact that leases are getting longer points to a rise in confidence in the economy, and this is something we have seen here at Barford + Co. Rising confidence is also creating competition for space and we are seeing premises being snapped up very quickly in certain sectors.”

To find out more about available commercial property in your area, please visit www.barfords.co.ukor call 01480 213811.

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