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| 25.02.08 LACK OF QUALITY OFFICE SPACE WILL FUEL DEMAND Market commentary by RussellMogridge, director of Hughes Ellard. There has been a lot of doom and gloom talk about the commercial property market in the UK, but that is not a sentiment we share here in Hampshire. Mervyn King, the governor of the Bank of England, remarked the other day that the further you get away from the finance-focused City of London, the more positive the mood music is about the economy. How true. We believe the local market will remain active, predominantly owing to a continued shortage of grade A office and sub10,000 sq ft space. The M27 east driving force is the buoyant small-to-medium enterprise (SME) sector, coupled with a lack of availability when it comes to high-quality offices. Furthermore, those two factors coincide with the trend to site staff away from congested city centres: An example is Victory Park at Whiteley, a newly-completed scheme of 14 freehold or leasehold offices by office parks developer Business Homes. Nine have been sold, with two more imminent. Another office scheme nearby that has caught the attention of bigger companies is 4500 Parkway at Solent Business Park. |
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