All the indicators are that the three counties will have a more active year than 2011 as a number of major schemes are progressed. Reports from agents indicate that the level of enquiries has improved as a modicum of confidence returns to the market. This mood has to be strengthened by Peel unveiling a major scheme at Chatham. The reputation of Peel is so high after its successes in the North West, particularly MediaCity, that it will influence sentiment wherever it goes.
Hopefully, this will coincide with a deal between Pfizer and London & Metropolitan that will bring a new era to the Discovery Park research complex. To this should be added the steady expansion of the Kent Science Park and Kings Hill. The success of RO Developments’ two office buildings in
Brighton and Berkshire Property Asset Management’s Berwick House in Orpington also illustrate that the market is livelier, with more companies and organisations taking space. Another indicator has to be the proliferation of hotel deals handled by Jeff East at Acorn in a relatively limited area from
Bromley to
Sidcup. Opening new hotels does not indicate a continuing recession. On the other hand, the slowness in getting new development off the ground in Croydon, despite all the plans and the efforts of the council to promote regeneration, does indicate a very cautious approach by many in the industry.