The South East office market has seen over 840,000 sq ft transacted in the first three months of 2016, which is inline with average performance for the first three months of a year.
The Thames Valley, once again, led the way in terms of take-up, with approximately 600,000 sq ft transacted. Thales and Bayer accounted for nearly one-third of the volume when taking 111,064 sq ft and 80,000 sq ft, respectively, at Green Park in Reading. The Thames Valley has accounted for over 70% of the space transacted so far this year.
The South and North M25 regions have started the year slowly, with the South M25 recording it’s weakest quarter since 2012. The lack of new product, with specualtive development almost exclusively being focussed on the Thames Valley, has impeded demand in these areas but this is being addressed with new schemes coming online.
Source : BNP Paribas Real Estate