Thames Valley office requirements have increased 5.4% to almost 3m sq ft in the first quarter of 2012, with more demand forecast.
The Q1 requirements were 5.4% up on the 2.8m sq ft recorded in the previous quarter, and slightly higher than 2.9m sq ft of demand in Q1 2011.
Cushman & Wakefield’s statistics also reveal take-up of 197,300 sq ft was down on the 292,000 sq ft signed in Q1 2011. However, a raft of occupiers have launched searches for new offices in the region in recent months, including DIY retailer Wickes and gaming business Rank Leisure.
The agency has also calculated that average rents rose to 1.6% to £25.70 per sq ft in the first quarter.
Andrew Agnew, associate at C&W’s Thames Valley office, said: “We expect to see a greater number of merger and acquisition-led requirements throughout 2012, with expansion-led requirements across certain business sectors also gaining momentum as occupiers begin to move away from cost control mode, and seek to leverage their covenant strength to take full advantage of the economic conditions.”
joanna.bourke@estatesgazette.com
