Industrial land values in Kent have risen to a "level not seen before", according to the mid-term report by one of the authors of the influential Kent Property Market Report.

Mark Coxon, of chartered surveyors Caxtons, published an update six months on from November's annual review of the commercial land sector in the county.

And it has revealed in Dartford and Sevenoaks industrial land values are now at £1.5million per acre. In Rochester it has risen to £650,000, while Sittingbourne has gone up 10% to £450,000 per acre.

However, east Kent has seen little increase due to "relative lack of occupational demand".

Mr Coxon explains: "The lack of land to actually build on in Kent has not stopped industrial land values rising to a level not seen before.

"Existing stock in the county has eroded with increased pre-let activity. The London Medway Park in Rochester has let more than 600,000 sq ft over the last two years.

"The self-storage and trade counter market has also returned - the former finally putting behind them their recession driven reluctance to move beyond the M25.

"The buoyant residential sector is crossing over and affecting the industrial market on deals from house builders acquiring sheds and land to store product for their modular home concepts. Berkeley Homes has purchased 10 acres in Northfleet to construct a modular build facility, and elsewhere in the county other similar developments are planned."

But he points out that a lack of industrial facilities could be denying the county investment.

He added: "What is true in Kent and throughout the south east, is the lack of stock to invest in. Investors have nowhere to put their money if they do sell, and add to that a lack of development over the past 10 years the result is little availability."

When it comes to the office sector, the majority of activity countywide is for space below 5,000 sq ft - although both Kings Hill in West Malling and the Crossways Business Park in Dartford has seen demand for larger spaces.

There is brighter news for east Kent courtesy of Quinn's recently opened Connect 38 office block in Ashford - the first new town centre office development in Kent for 20 years. It pre-let an entire floor.

Meanwhile, at Sandwich's Discovery Park, an application has been lodged to extend the site.

But there remains challenges.

He adds: "Due to lack of stock, there is little to report on the investment market. What has been on the market has required a strong occupational story to catch an investor's eye.

"Sadly, Kent office investment does not always attract the major funds. The former Chambros House in Gillingham [now MCH House] is under offer to the NHS with secure income off 7.5%; two offices at Eureka Business Park in Ashford - 200 and 210 - are available at 8.6%; this follows the sale of Units 110 and 120 Trinity House to the London Borough of Bromley in April last year at 6.16%."

As for town centres, the last six months have come with mixed fortunes - highlighted by the high profile collapse of a number of major retailers.

Mr Coxon explains: "The high street always loses to out of town retail centres, but continues steadily, though fortunes are very much town specific. The latter are all performing well with very few voids. Most noticeable lettings include the St James Retail and Leisure Development in Dover where the Food Warehouse, part of the Iceland Group, have acquired a site.

"Most towns will be affected by an increase in stock with the recent host of company voluntary arrangements (CVAs) and administrations, although these retailers have always picked good locations on the high street so re-letting may not be as much of a problem. There are few investment transactions, but high street retail is still reaching around 4% for good covenants and long leases.

"Caxtons hopes for a good and stable market for another 12–18 months, before one or two drawbridges are lifted following the UK's exit from Europe. But who knows what the Brexit effect will be?"