Those responsible for much of the 900,000 sq m (9.69m sq ft) of vacant offices along the M4 between Heathrow and Swansea will have to refurbish their properties if they want to attract occupiers, warns the latest King Sturge office report.
The report says most of the vacant property is over 15 years old and fails to meet occupiers’ requirments.
King Sturge’s partner responsible for decentralised offices, Michael Pearce, said: “Either this space will be let on short leases or it will have to have its use changed to residential. Some will stagnate .” Pearce believes the situation is worse because landowners now feel confident that prices are rising which in turn is limiting speculative development.
At present, there is 400,000 sq m (4.3m sq ft) of speculative development either under construction or with detailed planning consent, claims the report.
Pearce said: “There are a number of unsatisfied enquiries in the M4/Thames Valley area and landowners are aware of the market and are raising prices. The time to buy land was probably last year.
King Sturge analysed vacancy and development potential in 11 major centres from Heathrow to Swansea.
EGi News 01/07/97
