The latest office deal at Exeter’s Pynes Hill has reduced office availability in the city to a new low.
The letting of the ground floor of Minerva House to Careers South West in July saw the new occupier relocate from Queen Street in the city centre, and followed the move of the previous tenant, Cafcass, to offices in Southernhay. The 3,227 square foot suite is self-contained, mainly open-plan and comes with 14 parking spaces.
This latest letting follows on from another letting in the same month on Pynes Hill, in which Cybus took a unit of 4,040 square feet at Kew Court. The result is that only four small suites, totalling around 5,000 square feet, are currently available on Exeter’s main office park, a level lower than in 2007 prior to the recession. The same pattern is repeated across the city, including in the city centre, where a number of sizeable deals are currently in progress which will greatly reduce the amount of available office space.
Jonathan Ling of Stratton Creber Commercial comments: “Office availability is at its lowest level for a generation, and while some office developments outside the city are ready to go, they cannot deliver to the timescales and budgets which most occupiers can accept. Anyone considering an office move in the next 12 months should consider their options well in advance, as well as appointing an agent to act on their behalf in the search.”
