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Over 18,000 sq. ft. has been taken in Lothbury Investment Management’s Clarendon House in Oxford, the largest take up in space in the area in over 2 years. The letting is great news for the area, and shows the demand for regional office space, especially south of London. The deal is expected to achieve around £19 per sq. ft., significantly lower than the prime rents of £30 per sq. ft. that are expected if continued development hits the city centre.
However, rents in Oxford are on the rise. The sub lease at a 1990s building is close to achieving £23 per sq. ft. with the prevailing rent in the building at the £21.75 per sq. ft. mark. Big companies are looking towards alternative locations to the ever escalating London market. With rents in the capital continuing to rise and rise, £185 per sq. ft. has recently been achieved in St. James’, many companies have seen the attraction of locating themselves within a commutable distance to London, at a much reduced rate.
Teresa Beatty, Surveyor at tenant acquisition specialist Morgan Pryce, believes we will see a large contingent of multi-national companies heading towards regional markets,
“Regional markets, such as Manchester, Liverpool, Edinburgh, and areas in the South East, like Oxford, are seeing vast improvements in take up and rental levels compared with the last few years. The regions will be the last places to recover from the recession, but we are now seeing companies looking at these over London possibilities due to the rising costs associated with being based in the Capital. With new stock coming onto the market in the capital over the next year-year and a half, we should see normality resume.”
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.