Property Market Analysis
Tees Valley Combined Authority
Whilst at AspinallVerdi Stuart Cook, Director at Urbà was instructed to undertake an Industrial Workspace Availability Study. The purpose of the study was to identify where the Combined Authority should prioritise investment of up to half a billion pounds.
Stuart was project lead supported by co-consultant Stantec. Stuart led on the analysis of the demand and supply of the industrial and office markets to reflect the priority sectors identified by the Combined Authority. For the purpose of the commission the industrial market comprised; process chemicals and energy, advanced manufacturing and logistics. The office market comprised; general offices, digital, professional and business services, health & biologic and culture and leisure. The analysis considered the quality of the existing stock to meet current and existing demand.
Stuart provided recommendations on the types of interventions the Combined Authority should make to support the growth of each of the priority sectors.
London Borough of Haringey
Employment Land Review
The council is reviewing its local plan and required an Employment Land Review (ELR) as part of their evidence base documents. The purpose of the ELR was to inform which sites should be protected and allocated for employment uses or those sites that could be released for alternative uses. In London, there is significant pressure for sites to be redeveloped for residential which is resulting in employment sites being lost.
Urbà was instructed along with Stantec to undertake the study. Urbà provided an analysis of the office, workspace, industrial and warehouse markets, in doing so, Urbà analysed the quality of the current stock to meet occupier requirements and whether there were any gaps in the market. Furthermore, Urbà assessed whether the rents achievable were sufficient to maintain the current stock and support new build development.
Urbà has found that the industrial and warehouse markets are very tight, with demand outstripping supply. Demand for space was from a variety of sectors including food manufacturing, clothing manufacturing, e-commerce, q-commerce, dark kitchens and third party logistics for last-mile deliveries. The quality of some of the existing stock did not meet modern occupier requirements, despite this, the existing stock was well occupied. Also, the borough has a creative industry sector located in the Harringay Warehouse District – this provides affordable workspace. Urbà found that industrial rents were viable to support new build development. Urbà also found that the office market in the borough is relatively small compared to other London boroughs, with this market predominantly servicing the local area.