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 has released its Build to Rent report on the growing residential funding & investment sector. Investment into the Build to Rent (BTR) sector reached a record high in 2018 with almost £4bn of new funds allocated to the sector. Almost two-fifths of these transactions were forward funded as investors seek scale in key investment locations.
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.
Bidwells latest Oxfordshire Offices and Labs research shows a step-change in take-up, while pressure on the city's office stock remains driven by accelerating growth in science and tech employment across the market.