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The commercial property market in the UK is finally recovering. According to officebroker.com, the enquiries for serviced office in Yorkshire & Humberside increased by one quarter in the first three months of 2010 and reached the highest in the last one year. It is also the first time since 2007 that there has been an increase in the number of office enquiries. The area had seen a 7% decrease in the number of office enquiries during the last year.
There are around 225 office renters in the area and all of them are very appreciative of the increase in rent desk enquiries, as well as the general increase in activities in the commercial property sector. The economy seems to be recovering which is making the situation better for everyone.
The area was a famous business site especially for new enterprises but had suffered greatly during recession. Commercial property owners are now hoping that this increase in enquiry will also translate into higher occupancy levels and rates of rent.
There has been an increase in the average duration of service office rentals as well - it has increased from 8 months to 8 and half months. This is another encouraging sign for the UK commercial property sector. People are hoping that this progress will be mirrored in other parts of the country.
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