Cheshire's economy will be dominated by transport and distribution for the next decade, boosting demand in the industrial market as a result, according to a new report by CB Richard Ellis.
The Cheshire Commercial Property Market Assessment 2007 highlights the growth of distribution centres in Crewe, Middlewich and Ellesmere Port and predicts occupier demand to remain high.
Peter Eustance, director of CBRE and author of the report, commissioned by Cheshire County Council, said: "Whilst there is a perceived slight downturn in the UK economy as a whole the industrial and distribution markets remain strong at an occupational level.
"There are a number of occupiers seeking to expand and relocate into the region and the diversity of new developments across the county provides many options for different operators."
Industrial deals in Cheshire during 2007 included a letting by Highcross at Quakers to TDG UK for 213,000 sq ft at a rent of £3.50/sq ft, as well as smaller deals with Nightfreight, Stokers and International Paper elsewhere.
Developers such as Pochin in Middlewich and Peel in Ellesmere Port are capitalising on the strong industrial market with new schemes recently completed or on site.
Cheshire offices are also looking healthy, with new developments in Chester city centre and outlying county towns in the pipeline.
The largest reported office letting in the county last year was to Cairnforth at Haslington Hall in Crewe, where 25,024 sq ft was let at £11.61/sq ft.
The report also contains league tables of the overall space let or sold by agency, with the following agencies placed top of the 16 contributing practices:
- Offices: Legat Owen
- Industrial: Lamont
- Retail: Mason Owen
Mason Owen was also top of the investment table.
To download a full copy of the report visit the Resource Library.