Anyone looking for evidence that the recession is loosening its grip should travel no further than Witney.

Experts and firms in the west Oxfordshire town report business is flourishing with a wealth of activity in recent months boosted by massive investment in new developments such as the Marriotts Walk and Woolgate shopping centres.

Research by agents Carter Jonas shows regional rent levels in the UK are faring far better than London which has seen a 40 per cent fall in the last two years.

And Oxfordshire is shown to fare better than other regions, according to the report.

Scott Harkness, head of the Carter Jonas commercial division in Oxfordshire, said: “There is certainly a sense of increased business activity in more popular areas, and Witney is a great example.

“The number of deals we are handling is increasing and we have let more than 10,000 square feet of office space in the town this year alone.

“Witney, as a medium sized town with a sizeable amount of commercial space, is considered by many to be a barometer for the county.

“The huge developments such as Marriotts Close and now Woolgate are drawing investors and employers to the town, creating a prominent business hub for Oxfordshire.”

Carter Jonas’ bigger deals in Witney include insurance giant NFU taking nearly 3,000 sq ft at the Des Roches Square at Witan Way.

NFU agent Dan Mcdonald said: “Witney is one of the fastest growing towns in the area with a lot of investment and growth.

“As an insurer it has become very important for us to have a greater presence here. We are expanding because of what is happening in Witney.”

NFU Mutual employs ten people and is looking to take on another three staff by the end of the year after moving from its old offices at Langdale Gate in the town.

The prevalence of insurance firms in Witney suggests that the financial services sectors are leading investors back into commercial property, according to Carter Jonas.

Meanwhile, at Thorney Leys Business Park, available space is filling up as another insurance company, Harrison Beaumont, has taken 2,000 sq ft and engineering firm Bartington Instruments is expanding from two units to three.

Deer Park House, a prominent building on the main Windrush Park thoroughfare, has been snapped up by leading ICT consultant Dataplex Systems, which has relocated from Long Hanborough.

In North Leigh, high-tech firm Oxford Applied Research has just moved into the former Adhesives International building, totalling 5,595 square feet.