Public Sector Cuts Could Flood Preston Office Market
Posted on 9th November 2010
A supply of ageing office accommodation could be set to flood Preston’s commercial property market due to looming public sector cuts.
Partner Danny Pinkus said, “If the proposed cuts go ahead this could lead to a mass exodus from city centre office space. Agents in the city are also currently seeing a strong demand for out-of-town space where newer accommodation is available. It is almost inevitable that there will be a degree of fallout from public sector cutbacks which will show in conventional city space, in established areas such as Winckley Square. Preston is reliant on the public sector occupying a good proportion of office space and the proposed cuts will highlight to what extent.
There is no doubt that filling city centre space is difficult and it remains to be seen whether there is a pent up demand amongst local companies that have perhaps been postponing a move to new offices. On the flip side, local agents have been encouraged with recent interest in out-of-town office space such as the desirable Riversway Docklands and popular developments at both south and east Preston business parks.”