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Thames Valley in London is suffering from a shortage of Grade A office space, according to Lambert Smith Hampton. The company has released its statistics for the year’s third quarter in the area, which highlights an obvious shortage of Grade A office space.
The take up of offices in the third quarter of this year came to a total of 510,697 square feet, a fall of over 100,000 square feet from the 610,253 square feet of office space that was taken up during the same period in 2010. On the plus side however, the total office space take-up in 2011 so far is 1,243,432 square feet, which is actually an increase of as much as 32 per cent in comparison to the total take-up of 2010 by this time, which was just 943,755 square feet.
At the end of the third quarter of 2011, the total supply of Thames Valley office space (over 5000 square feet) amounts to 11.25 million square feet, which is a drop of 6.8 per cent in comparison to the supply total of 12.07 million square feet that was recorded at this time last year.
“The quality versus supply dynamic is becoming an increasing issue for the Thames Valley’s office market,” says the head of the Thames Valley team of Lambert Smith Hampton, Nick Coote. “While we are seeing take up quickly reducing the available stock, there is limited replacement product in sight.”
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