Vacancy rates for office space along the M40 Corridor have gradually dropped over the last 10 years from 12.8% in 2009 to 5.2% in 2019, year to date. As a result, occupiers looking for space in this popular strategic location are struggling to find quality accommodation at an affordable rate, that’s according to the latest insight from global real estate advisor, Colliers International.
Colliers’ data shows that availability of office space around the M40 motorway is currently at a 10 year low of 244,398 sq ft, with prime rents in the towns of Coventry, Oxford and Warwick being pushed up to highs of £18 psf, £27.50 psf and £21.50 psf, respectively.
Douglas Bonham, Director, National Offices, Colliers International comments: “The population of core towns in the areas around the M40 motorway have grown significantly in recent years and this trend is set to continue with population estimates predicting a further increase by 2029. This trend, coupled with ongoing demand for high quality office space in these strategic location, has put upward pressure on office rents in the area leaving the supply/demand dynamic tight for occupiers looking to secure space around Banbury and the surrounding areas.
“There is a beacon of hope however. Rents and capital values in the Banbury and Brackley area are nearly half those of similar buildings in Oxford and Warwick and therefore really do present true value for occupiers in a what is a rising market. We are currently marketing two units at Banbury Business Park which represent a rare opportunity to purchase the freehold on a modern self-contained office in a sought after area, with a growing labour pool. Equally at Brackley Office Campus, we have four larger office buildings now available, providing modern detached offices buildings from 9,210 sq ft to 46,465 sq ft with car parking for 300 vehicles.”
Banbury Business Park, is well located between junction 10 and junction 11 of the M40 motorway, three miles south of Banbury on the edge of the attractive village of Adderbury. The two offices at Somerville Court range in size from 2,500 sq ft to 3,400 sq ft and comprise self-contained ground and first floor office accommodation, benefitting from air conditioning, WCs and kitchen facilities with ample parking. The units are available for purchase or to let with Colliers quoting a rental of £12-12.50 psf.
Brackley Office Campus is prominently located on the Buckingham Road in the town of Brackley, close to the Silverstone A43 dual carriage way – which has a traffic flow of over 315,000 vehicles a week and links the M40 motorway to the west and east via Junction 10 of the M40.
