The South Coast oozes confidence as the supply of prime office and industrial buildings dry up at a time when rents are on themove upwards.
Yet Bournemouth is getting three new office buildings by Watkin Jones which will transform the Lansdowne area. Indeed no other urban area in the region can match this, which says something about the seaside town’s attractions as an office location.
It is true that speculative development is beginning to happen elsewhere, particularly for industrial property, but the impression, certainly in Southampton, is that conversion to residential accommodation has knocked the office market sideways.
The question is surely why so much is happening in Bournemouth compared with other cities in the region. Certainly there is a strong and persistent demand for new industrial space in many locations.
Perhaps the dominance of Solent Park accounts for the lack of development in Portsmouth & Southampton although the trend throughout the UK is for a return to city centre offices and surely this should apply to Portsmouth and Southampton.
One important change on its way is the collaboration between the LEPS and the local authorities. It could be that the government’s move to give local government more power will be one of its lasting achievements.