08/11/12

Diverse economy is a big help

Launch of 2012 Kent Property Market at Kings Hill

Kent's diverse economy has helped the commercial property market, according to an expert.

Speaking at the launch of the 2012 Kent Property Market Report, Sue Foxley, head of research at property consultants Cluttons, said the county was not dependant on a single sector and its high value added businesses would generate economic growth.

She said: “While we’ve got a couple of difficult years ahead in terms of the general property market, it’s clear that there are some interesting stories coming through in Kent.”

She cited the larger upturn in knowledge workers than the South East generally, singling out Sittingbourne, Dover and Canterbury for outperforming the county average.

But she pointed out that Kent had some of the best and some of the worst retail property in the country.

The office market had been depressed, with demand for space at low levels. Rents have fallen by 5.3% since 2011 and the economic cycle had “taken its toll”.

But Ms Foxley expected an improvement next year.

Andrew Blevins, managing director of Liberty Property Trust, which hosted a launch breakfast for 200 property specialists in 32 Tower View, a multi-occupancy building at Kings Hill, said the mixed use development had “punched above its weight,” being responsible for a third of the property deals in Kent.

“It’s a small part of the local economy but it’s a big deal-doer,” he said.

The 21st annual Kent Property Market Report is produced by Kent County Council, Cluttons and inward investment promotion agency Locate in Kent.