Swift action needed to increase quality office space

Jon Silversides, head of the Oxford agency at Carter Jonas

Jon Silversides, head of the Oxford agency at Carter Jonas

First published in News

OXFORDSHIRE needs new speculative office developments to keep up with demand.

That is the conclusion of a major new report into the sector after a major hike in take-up last year.

The Commercial Edge Oxfordshire 2014 research report, compiled by Summertown-based Carter Jonas, shows 185,517 sq ft of space was snapped up last year, a rise of 28 per cent on the previous year.

And it predicts rents could rise by almost 30 per cent from £23.50 per sq ft at the end of 2013 to £30 per sq ft this year.

Jon Silversides, head of the Oxford agency at Carter Jonas, said: “In line with improving take-up levels, Oxfordshire has witnessed a sharp reduction in vacancy rates with strengthening demand as a result of improving market conditions. The supply of good quality accommodation is now acutely low.

“Development activity remains acutely low throughout the regional markets. 101 and 102 Park Drive at MEPC’s Milton Park is the first speculative development within Oxfordshire for six years. The supply of good quality stock is now reaching acutely low levels.”

Mr Silversides warned that if development does not take place, the “overall future viability” of the county’s office market will be affected.

The report adds that Oxfordshire has significant development capacity but available land is largely concentrated in a limited number of business park locations.

But development at Milton Park and design and build activity in Banbury indicate a “much brighter future” for the county.

Our top stories:

2pm Update: Ten now held by police in anti-slavery operation + video and pictures

Oxford Mail:

8:04am Thursday 26th March 2015

TEN people have now been arrested by police following this morning's raids targeting slavery in the city.

Council says millions more are needed to protect children from sex exploitation

Oxford Mail:

9:00am Thursday 26th March 2015

MILLIONS in extra funding is needed to cope with the rising problem of child sex exploitation across Oxfordshire.

Former Oxford schoolgirl wins Waterstone's children's book prize for debut novel

Oxford Mail:

8:00pm Thursday 26th March 2015

A FORMER Oxford schoolgirl has won the Best Young Fiction category at the Waterstone's Children’s Book Prze awards.

Witney woman jailed for causing the death of a pensioner by dangerous driving in Curbridge

Oxford Mail: Oxford Crown Court

6:34pm Thursday 26th March 2015

A 58-year-old woman has been jailed after causing the death of a pensioner by dangerous driving.

Trees and wasteland caught fire between Yarnton and the Peartree Interchange

Oxford Mail:

6:33pm Thursday 26th March 2015

A FIRE that blazed through trees and wasteland between Yarnton and the Peartree Interchange has been put out.

Video: Large turn-out to salute return to Britain of soldier Jamie Sawyer after his death in Cyprus

Oxford Mail:

5:37pm Thursday 26th March 2015

SERVICEMEN, veterans, family and friends joined members of the Carterton community this afternoon to pay their respects at the repatriation of Private Jamie Lee Sawyer this afternoon.

 

Comments (1)

Please log in to enable comment sorting

5:24am Sat 28 Jun 14

Centennial centennial says...

Wow! You’ve certainly done a great job by posting this bit of information for the benefit of us viewers. It’s so great to know that the Internet is not a dumb place after all.
Wow! You’ve certainly done a great job by posting this bit of information for the benefit of us viewers. It’s so great to know that the Internet is not a dumb place after all. Centennial centennial
  • Score: 0

Comments are closed on this article.

Send us your news, pictures and videos

Most read stories

Local Info

Enter your postcode, town or place name

About cookies

We want you to enjoy your visit to our website. That's why we use cookies to enhance your experience. By staying on our website you agree to our use of cookies. Find out more about the cookies we use.

I agree