The city of Peterborough, just 45 minutes from London by train, has become exceptionally attractive to businesses, a new report reveals.
In 2019, demand for industrial premises was 48 per cent above average, while vacancy rates reached historic lows of just 2.6 per cent. These factors have pushed rents up by 40 per cent over the past decade, with little supply coming on to the market.
The same story is repeated in office availability: more than 600,000 sq ft of commercial space has been converted into apartments in the city, meaning that there remains only 250,000 sq ft of office space currently on offer. Rents have risen by 8 per cent each year since 2015.
These figures demonstrate the growing attraction of Peterborough in both commercial and residential property sectors, as the city brings in new businesses and their employees, with investors acquiring buildings and renovating them to high standards.
In 2020, the city will gain a super-fast full fibre network, through a £30 million partnership between Vodafone and CityFibre, making it among the best-connected cities in the UK. “The roll-out of full fibre broadband to all of Peterborough is an essential part of the competitive advantages the city can offer businesses and residents,” said Tom Hennessy, chief executive of Opportunity Peterborough. The network will offer upload and download speeds of up to 900Mbps.
GRE Assets has a major residential development in Peterborough.