Despite London continuing to dominate Europe’s tech investment activity, take up in the London office market fell below trend for the first time in two years, driven by stock shortages. In the West End supply now stands at its lowest level in a decade.
Norwich saw availability fall to 4.5% during H1 2019; its lowest level since 2007. Take-up remains at trend levels but the shortage of new floorspace coming forward is taking its toll on occupier choice in the city, particularly for Grade A space.
The first half of 2019 saw the availability of offices in Milton Keynes fall to its lowest rate since 2017. The pace of take-up over the last 12 months reflects the city’s continued status as the UK’s fastest growing economy driven by further productivity improvements associated with the expansion in high growth business sectors.
The latest offices and labs research conducted by Bidwells found rent levels hitting another new high for the city. Prime office rents rose £3.50 psf in the first half of 2019 to a new peak of £45 psf after the city experienced the busiest six months of letting activity since 2016.
Bidwells launches its latest Our View on Offices and Labs research. The expansion of the Oxford-Milton Keynes-Cambridge Corridor occupier base continues in defiance of the backdrop of economic and political uncertainty. Download our research here
Milton Keynes saw above-average take-up in 2018. Bidwells research shows that, while the overall availability rate in Milton Keynes has drifted upwards over the last three years, demand for high quality space has depleted Grade A stock to an historic low.
Bidwells latest Norfolk and Suffolk Offices and Labs research shows Norwich is feeling the impact of a shortage of high quality office space containing take up. Reflecting the stock shortages, the availability rate has declined for four consecutive years to a near ten year low, while requirements continue to climb.