Commercial Property in Devon: Exeter, Plymouth and Market Towns (2026)
Devon's commercial property market is anchored by two cities with very different characters: Exeter, a growing professional services and technology hub with strong M5 connectivity, and Plymouth, a port city with an established maritime economy undergoing major waterfront regeneration. This guide covers the office, industrial, and retail sectors across Devon's main commercial centres.
Devon is England's third-largest county by area, with a commercial property market split between its two major cities — Exeter and Plymouth — and a network of market towns, coastal resorts, and rural industrial estates shaped by the county's agricultural, tourism, and maritime economies.
Exeter
Exeter is Devon's principal commercial centre and the South West's fastest-growing professional services and digital economy city outside Bristol. Its position at the intersection of the M5 (Junction 29/30) and the A30 dual carriageway to Cornwall provides excellent national and regional road connectivity, and Exeter Central and St David's stations offer direct services to London Paddington (approximately 2 hours).
Industrial market: Marsh Barton — Exeter's premier trading estate — is the most in-demand industrial location in Devon, and supply is critically constrained. According to Vickery Holman (June 2025), "industrial demand remains strong due to limited supply especially on Marsh Barton, with a clear lack of small affordable units." The only available units are largely 10,000 sq ft+ with differing degrees of specification. This supply constraint is producing a spillover effect, with enquiries increasing in towns such as Okehampton, Crediton, Barnstaple, and Cullompton as occupiers seek affordable alternatives. New speculative development has been limited by high construction and financing costs.
Two significant new industrial schemes are addressing some of this demand: Skypark Phase 2 at Exeter (adjacent to the airport), and Mercury Business Park Phase 2 near Cullompton. These hybrid warehouse/office premises are expected to complete shortly and will add much-needed supply to the county's tightest industrial market.
Prime industrial rents in Exeter run from approximately £10–£14 per sq ft for well-specified modern units on Marsh Barton and the airport business parks.
Office market: Exeter's office market is recovering from macroeconomic pressures, with 2025 showing signs of improvement according to Vickery Holman. Demand is focused on modern, energy-efficient buildings that present well — older stock is struggling unless significantly refurbished or repurposed for residential use. Flexible office accommodation has regained popularity, with larger firms taking space due to limited suitable alternatives.
The city suffers from a lack of quality Grade A–B accommodation: "our issue in Exeter is simply down to a lack of quality accommodation in town, and occupiers are being pushed to locations such as Winslade Park (out of town)," according to Vickery Holman, which is "effectively hurting the city centre's retail and leisure markets."
Prime city centre office rents range from approximately £18–£22 per sq ft. Out-of-town business park space (Exeter Business Park, Pynes Hill, Rydon Lane) achieves £18–£21 per sq ft.
Retail: Exeter is the dominant retail centre for Devon and much of the South West peninsula. Princesshay Shopping Centre and the Guildhall Shopping Centre form the primary covered retail core, with a strong mix of national multiples and independent retailers on the High Street and South Street. The city's retail market has shown resilience, with Exeter High Street remaining "strong, commanding high rents and seeing continued demand" (Vickery Holman 2025).
Plymouth
Plymouth is one of the UK's most significant port cities — home to Devonport Naval Base (the largest naval base in Western Europe), Plymouth University, and a substantial marine and engineering economy. Plymouth's commercial property market has historically been constrained by the city's challenging economic profile, but major waterfront regeneration is beginning to transform commercial expectations.
Office market: Plymouth's office market has seen record rents achieved, according to Vickery Holman — a positive signal for a city that has historically lagged Devon's commercial rental levels. The city centre, Plymouth Science Park (Derriford), and Millbay waterfront area are the principal office locations. Public sector and defence-adjacent professional services are the dominant demand drivers.
Industrial: Plymouth's industrial market is concentrated around the A38 corridor to the north and east of the city, with Plympton and Marsh Mills the principal established locations. Retail transactions in Plymouth declined from 46% to 26% of commercial deals over the past year, reflecting rising costs and changing market dynamics (Vickery Holman 2025).
The Waterfront regeneration — Plymouth City Council's Waterfront programme is transforming the commercial potential of Plymouth's Millbay and Devonport waterfront areas. The Royal William Yard development (a Grade I Listed Victualling Yard) has been substantially converted to residential, office, hospitality, and creative uses by Urban Splash, establishing a template for Plymouth's heritage regeneration approach.
Devon Market Towns
The rest of Devon's commercial market is served by a network of market towns: Barnstaple (North Devon's principal commercial centre), Newton Abbot (Teignbridge, with strong industrial demand), Torquay and Paignton (the Torbay seaside economy), and Tavistock and Okehampton (Dartmoor fringe towns seeing industrial spillover from Exeter).
Tourism significantly shapes the retail and leisure market across coastal Devon. The strong independent retail tradition in towns like Totnes, Dartmouth, and Salcombe sustains commercial rents in locations where national multiples would never trade.
Frequently Asked Questions
What are prime industrial rents at Marsh Barton, Exeter?
Prime industrial rents at Marsh Barton — Exeter's premier trading estate — run from approximately £10–£14 per sq ft for well-specified modern units. Demand is strong and supply critically constrained, with Vickery Holman confirming in June 2025 that "industrial demand remains strong due to limited supply especially on Marsh Barton." New development at Skypark Phase 2 and Mercury Business Park Phase 2 is beginning to address the shortfall.
Where should businesses look if space is unavailable in Exeter?
Businesses unable to find suitable space in Exeter's main estates (Marsh Barton, Sowton, Exeter Business Park) are increasingly looking at Cullompton (M5 Junction 28, Mercury Business Park), Honiton (A30 corridor), Crediton, Barnstaple, and Okehampton. These locations offer lower rents but sacrifice direct Exeter motorway access.
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