Why only property valuer should perform the property valuation process?

The M4 vacancy rate fell from 9.7% to 9.4% in Q4, its lowest level in over four years. Take-up in the M4 has remained strong throughout 2007 with take-up in Q4 totalling 714,672 sq ft a 22% increase on the previous quarter (584,210 sq ft) and well above the long-term average of 424,303 sq ft.

Strong take-up, falling vacancy rates, significant pre-lets and further rental growth underline the current strength in the M4 market which is expected to continue in 2008. It is compulsory to do the full valuation of property for knowing the price of it.

Take-up in 2007 totalled 3,624,965 sq ft well above the long-term average. Active named demand increased during Q4 2007 by 6% to total 7.1m sq ft. Latent demand is currently not being driven by any one sector. Market fundamentals of lease breaks and expiries, consolidation and the upgrading of existing accommodation remain key drivers. This trend is expected to continue in 2008.

The majority of take-up during Q4 involved new and Grade A accommodation which accounted for 87% of total take-up. accounting for 74% (607,427 sq ft). In 2007 the acquisition of new and Grade A accommodation accounted for 82% of all lettings (New; 19% and Grade A; 63%).

Out-of town lettings accounted for 66% of Q4 take-up, with average transactions sizes almost 50% higher than those recorded in the town centre markets (27,137 sq ft OOT compared to 14,481 sq ft in TC). For the whole of 2007 OOT take-up accounted for 65% (2,374,277 sq ft), almost double the amount of accommodation acquired in the TC markets (1,250,688 sq ft).

Supply of large new units of accommodation within the market remains limited with only one unit currently available in excess of 80,000 sq ft. Choice for substantial requirements will remain limited supporting rental growth projections. Overall in the market there remains a limited amount of new accommodation which currently accounts for just 15% of total availability.

This new letting extends the already diverse tenant mix at the centre and will be a great addition to the strong retailer line up we already have in place here. The Hildreds Centre is trading very well in response to demands of the town’s shoppers and we anticipate that the letting will further increase footfall and sales.”