KENT'S long and medium term prospects are in excellent shape, according to an important economic report.

This year’s Kent Property Market Report is written by Kent County Council and property experts Cluttons, produced by investment promotion agency Locate in Kent, and supported by RICS and legal firm Brachers.

At its launch, Cllr Roger Gough, Cabinet Member for Regeneration and Supporting Independence at Kent County Council, said: “The regeneration across Kent is providing a major boost to the county.

"There are also many more developments planned, including transport links that will open Kent up to the wider national and international market.

“This report highlights the progress being made and the potential going forward. Working with organisations such as Locate in Kent, we are committed to helping businesses maximise the potential of the area and seize the opportunities presented in the coming years.”

The report suggests that office rental growth has seen a rise in parts of the county and has maintained a stable position compared to the rest of the South East over the last 10 years.

West Kent remains a popular office location, and other parts of the county are experiencing a good level of demand, with activity in East Kent continuing at a steady pace.

Established business parks in Kent and Medway have seen considerable expansion and welcomed a number of large investments including the MHS Homes’ relocation to Chatham Maritime, Cabot’s new operation at Kings Hill and the premises taken by Knight Freight at Questor, Dartford.

At Chatham Maritime in Medway, there were two large investment deals this year involving the sale of two office buildings for in excess of £20m.

In Ashford, Quadrant Estates has completed the office development of Northdown (Phase 1) at Eureka Park with nearly 1,600m² already sold and further buildings under offer.

The expanding Kings Hill, near West Malling, has experienced a further flurry of activity totalling nearly 20,000m² of transactions agreed.

Demand for large warehouse premises has remained steady, with strong interest shown in the newly completed premises at Waterview Business Park at Eurolink, Sittingbourne, at Access 4:20, Larkfield and at the Glenmore Centre, Orbital Park, Ashford.

The level of business activity is having a positive knock-on effect in the retail, leisure and tourism sectors, and spending, which was considered to be weak in the first half of 2006, steadily improved into 2007.

Major retail investment includes the extension to County Square shopping centre in Ashford, which is due to open in 2008 with Debenhams, Next, Body Shop and H&M signed up to the development.

Bouverie Place shopping centre in Folkestone is well under way with Asda confirmed as the anchor store. The refurbishment of Marlowe Arcade in Canterbury has also commenced.