In the first quarter of 2016, Basingstoke has seen record office take up, which is the largest since the start of the recession, according to reports from agents Hollis Hockley.
Between the period of 1 January – 31 March this year, the firm has reported four major office lettings totalling approximately 130,000 sq ft.
Andrew Newman from Hollis Hockley, commented: “The office market in the M3 corridor and Basingstoke in particular has been extremely challenging over the last five or six years since the start of the recession.
“Activity on the M4 corridor has been significantly better in recent years than the M3 corridor but it is pleasing to note that the improvement in market conditions would now appear to be filtering down to the mid M3 corridor and Basingstoke in particular.
“This has been helped by the removal of a significant amount of secondary office space for Permitted Development residential conversions, which has taken over 350,000 sq ft offices out of the market to date, although the end estimates suggest this could well approach 500,000 sq ft of space by the time all the planed schemes have been completed. This had the added benefit of reducing stock levels and hardening prime office rents as a result.”
The news comes after a report earlier this month saying that the UK office market in 2015 saw its highest level of investment in a decade.
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