Lease lengths reach eight-year high

14 November 2015 – Alex Peace

Commercial property leases have reached an eight-year high, the result of rising occupier confidence and competition for space, according to MSCI/IPD.

The UK Lease Events Review 2015, sponsored by Strutt & Parker and the British Property Federation, said the average length of a newly signed lease rose to 7.2 years in 2015, the longest since 2007.

The research found that retail leases saw the greatest increase, from 6.7 to 7.5 years, a sign of improving conditions and an unwillingness among retailers to move from a prime pitch. The average office lease length rose to 6.9 years and industrials to 6.6 years.

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