Commercial property specialists at the South Coast offices of Lambert Smith Hampton (LSH) have posted a strong performance in the annual league tables for agents dealing in office transactions.
LSH completed 31 office deals in the 12 months to August 2017, disposing of a total of 112,392 sq ft of office space with an average of 3,626 sq ft per deal.
The figures place LSH in second place in the M27 office agents league table, compiled annually by Estates Gazette (EG).
Researchers at EG also note that the region’s largest office transaction during the period was the 51,136 sq ft letting of premises at Lakeside North Harbour, Portsmouth, to Babcock International Group. LSH was the acquiring agent for Babcock in the deal.
The total amount of office space disposed of in the region was 483,486 during the year – down by 7% on the previous year – but the average deal size was up 4.2% at 3,453 sq ft.
The figures broadly reflect LSH’s own findings in its recently-published South Coast Office Market Pulse for Q3, which comments upon the effect a lack of supply is having on the market in driving prime rents up.
Andy Hodgkinson, Director, Office Agency for LSH’s South Coast offices, said: “The market for office space remains highly competitive, with supply continuing on a downward trend, largely driven by the conversion of office space to alternative uses.
“The league tables reflect the continuing challenges in the market as employers become increasingly adept at occupying office space more efficiently and using mobile working practices.
“That said, the average deal size continues to rise and large deals such as the one involving Babcock demonstrate confidence in the market and a trend for occupiers to consolidate multiple office locations into a single hub.”
Lambert Smith Hampton is a multi-award-winning commercial property specialist and a leader on the South Coast in the industrial office space, property, and investment markets.
