Apartment prices in Bradford have risen by 118% in less than three years, according to a report by Knight Frank (KF).
Since 2003, prices have increased from £65,000 to their current average of £142,000.
The report attributes the rise in demand to the increasing number of young white-collar workers moving to Bradford to work in the city’s expanding service sector.
The office market is also prospering with small occupiers and companies looking to relocate their back-office functions and public sector bodies all driving demand.
With a restricted supply of modern offices in the city, KF predicts there would be plenty of would-be tenants for any speculative development.
The 600,000 sq ft Broadway Shopping Centre scheme is expected to boost prime retail rents in the city as well as lure back shoppers from out-of-town centres.
Commercial property investment in Bradford continues to grow with turnover for the first half of 2005 topping £46m, more than double the figure for the whole of 2003, and around 30% higher than the 2004 total.
KF was commissioned by Bradford Centre Regeneration to produce the report.
References: EGi News 15/03/06
