“Make your office move now before it is too late!” This is the message from Andrew Archibald of Keygrove Chartered Surveyors. “Demand is picking up and the opportunity for good deals is going to diminish.”
Despite Southampton’s resilient broad based economy, the city and environs have not been immune from the poor office market over the past couple of years resulting in demand and rental levels being depressed. However, on a positive note we are detecting a marked improvement in demand over recent months and this is resulting in a number of office lettings as “small business Britain” gets back to work.
Many of the offices we have been marketing are being taken up as business confidence improves and demand picks up. In the last few months Keygrove has let two suites at the Mill Yard, Nursling Street, three separate suites at Anchor House, Chandlers Ford, offices at Stirling House, St Johns Road, Hedge End and at Dukes Keep, Marsh Lane, Southampton. There are more deals in the pipeline as additional suites in Anchor House are under offer as well as Winchester House, Chandlers Ford and Oxford House, College Street, Southampton. We also have competition from potential occupiers wanting to lease Hounsdown House, Totton.
Andrew Archibald continues “We have been surprised by the number of viewings of office property so far this year and how many we have converted into lettings. It is reassuring that British business is ignoring the Eurogloom and getting on with life. It is those office landlords who understand the market and have become more accepting of the drop in office rental values who have secured tenants so far. They have avoided penal empty property rates by offering attractive incentive packages for tenants prepared to sign up to leases – but this will not last long as the supply of offices is taken up – prospective office tenants, you have been warned!
