St. Modwen is accelerating its programme of speculative building at its £210m Skypark development in response to continued strong demand for more commercial space across Exeter and the South West.
The regeneration specialist is speculatively building over 17,000 sq ft of prime office space on site to offer prospective new owner/occupiers a choice of floor sizes, starting from 5,582 sq ft, when the building completes in the autumn.
This will join the new 30,000 sq ft Regional Head Office also underway on site for housing provider, DCH, as well as existing occupiers including The Ambulance Special Operations Centre (ASOC) and logistics operator, DPD.
Ian Guy, Senior Development Manager at St. Modwen says:
“Demand for good quality commercial space in the South West is increasing and our Skypark development near Exeter is proving a popular choice for firms looking to expand and grow across the region. This has been further boosted by the recent introduction of an Enterprise Zone for Exeter and we are accelerating our speculative building to satisfy the local market demand. Speculative building at Skypark is part of our ongoing programme of speculative building for the region, which currently comprises over 180,000 sq ft of new commercial space, providing a solid platform from which to generate sizeable income and long term value right across the South West.”
According to Skypark’s agent, Alder King, demand for premium industrial and office space in Exeter increased by 66% year on year in 2016 with no signs of slowing down. While agent, JLL estimates that there is just over a year’s supply of offices left in the area, based on projected annual take-up.
The market in numbers:
- Demand for industrial space in 2016: 758,000 sq ft compared to 255,000 sq ft in 2015
- Supply of industrial space in 2016: 195,000 sq ft
- Demand for office space in 2016: 200,000 sq ft compared to 175,000 sq ft in 2015
- Supply of office space in 2016: 97,000 sq ft compared to 300,000 sq ft in 2015
(Source: Alder King Market Report 2017)
Being delivered over 20 years, Skypark represents one of the most important strategic developments sites in the SW of England and on completion the 110-acre site will provide 1.4 million sq ft of warehouse, industrial and office space and deliver up to 6,500 new jobs.
Any businesses interested in rent or purchase opportunities at Skypark should contact St. Modwen’s agents JLL or Alder King.
