Continued economic growth and business expansion are fuelling an increasing number of business relocations across the Thames Valley region, according to the latest edition of Lambert Smith Hampton’s annual Thames Valley Office Market Report.
The report, now in its sixth year, looks at the dominant commercial property trends in the region with detailed statistics and forecasts for 11 key centres.
Lambert Smith Hampton’s analysis reveals that businesses in the Thames Valley are once again moving premises to fulfil their growth plans, with 32% of relocations in the past 18 months being triggered by expansion.
A further 41% of businesses relocated due to a lease break or expiry. This compares with 73% in 2011/12.
When deciding on new premises, businesses look primarily at location (mentioned as the primary factor in 41% of relocations), followed by quality (20%) and cost (14%).
Nick Coote, Head of Lambert Smith Hampton’s Thames Valley offices, commented: “Back in 2011, weaker economic conditions meant lease events were the dominant driver of corporate relocations, with occupiers only considering a move when faced with a lease break or expiry.
“However, we’re now seeing that the improving economy is influencing business activity throughout the Thames Valley: occupiers are expanding and using accumulated capital to relocate to larger offices.
“As the regional and wider economy continues to improve, we expect expansion to be an important driver of office market activity over the next 12 months.”
