The Thames Valley office market enjoyed a bumper third quarter for take up with over 555,000 sq ft transacted, double that of the previous quarter and the highest level recorded since Q3 2010, reports Cushman & Wakefield.
According to Cushman, the sharp increase in take up was due to a number of larger transactions being concluded, notably Slough Borough Council’s acquisition of 111,000 sq ft at 25 Windsor Road and Sanofi taking 71,500 sq ft at Thames Valley Park, Reading.
Cushman said the Q3 result pushes take-up to 1.18m sq ft for the year to date and, with a number of transactions set to complete before the year end, 2018 is expected to exceed both the five year average and the 10 year average which is 1,427,595 sq ft.
It said: “The improved level of take-up was enhanced by an increase in new occupier requirements during Q3 of 27% to 1.154m sq ft - 14% above the long term average.”
Cushman reports that total supply is now at 5.68m sq ft, down 0.7% on the previous quarter while the vacancy rate has slipped a similar around to 10.01%.
Charles Dady, head of South East office agency at Cushman & Wakefield, said: “While macro economic and political uncertainties persist, activity and sentiment in the Thames Valley is at its most positive since the EU Referendum.”