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News - 22 May 2003
Brighton Office Space Availability Plummets but Freehold Prices Rocket
The amount of available commercial space in the city has fallen to its lowest level in the last ten years. This is a trend that is repeated across the southeast but the rising freehold cost of space appears to be most pronounced in Brighton & Hove
West Sussex County Council have purchased the freehold of a site in Bognor amounting to 68,950 sq.ft. on 2.68 acres of land for £1.5m. By comparison the freehold purchase of 16,000 sq.ft. of the old Dubarry building in Hove is on the market for £1.5m.
This demonstrates the high prices for freehold in the city compared to other areas of Sussex where on the one hand you can buy a building and land in Bognor equating to £21.75 per sq.ft. (with land etc) compared with £93.75 per sq.ft. (with little if any land) in Hove. This illustrates one of the problems associated with attracting inward investment into the city.
Click on download below for a comparison of commercial space availability in the south east region (pdf file 27KB)
Click here to download
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