Kent’s property sector is showing early signs of recovery with investment coming forward, especially in the logistics and distribution, science park sectors, and the tourism and leisure industry, according to the 32nd edition of the annual Kent Property Market Report.
The report, which is produced by Caxtons Property Consultants, Kent County Council and Locate in Kent, revealed that although some parts of the market remain challenging, such as residential and offices, there was plenty of scope for optimism.
Cllr Roger Gough, leader of Kent County Council, said: “It’s clear from the report that it continues to be a challenging environment for the industry, with the winners and losers closely linked to changes in how we all live and work.
“What remains unchanged is Kent’s competitive advantage from its proximity to London thanks to its motorway and rail connections, and links to Europe via the cross-Channel ports. Investing in infrastructure is crucial and we recently celebrated the opening of Thanet Parkway railway station. We continue to push the government for greater investment in the county’s road network, including a start date for the Lower Thames Crossing and widening of the A2, as well as lobbying Eurostar for the return of services via Kent on HS1.”
Mark Coxon, head of commercial agency at Caxtons, added: “Kent’s industrial property sector continues to blaze a trail for growth, with developers benefitting from rental growth that’s beyond the South East average. While land values may have fallen from their peak, investment continues notably in Dartford, Medway, Sittingbourne, and Tonbridge and Malling.
“The impact of how many of us have changed the way we work, especially those who are office-based, is now playing out with businesses and the public sector reviewing their property requirements. With hybrid working looking like it is here to stay, the biggest winners are the co-working space providers, with Kent increasingly well served at the moment.”
Simon Ryan, investment director at Locate in Kent, said: “Again, the Kent Property Market Report shows the region’s real estate resilience despite the challenges of recent years. Investment here brings prosperity for the whole country. Our own research suggests £23bn in gross value added could be added by the region to the UK economy by 2050 as investment is made – from delivering faster, more sustainable distribution of goods through the Channel Ports and science park expansion to the green jobs that will supercharge manufacturing, logistics, construction and food production in the region and beyond.
“Our local challenge is to be more agile in responding to market needs through local planning authorities collaborating across boundaries. The planning system needs to analyse economic needs regionally to bring forward more employment sites and infrastructure and not according to arbitrary administrative boundaries. We need to act ‘larger than local.”
