Download the Thames Valley Office Market Report 2014
The report, now in its sixth year, looks at the dominant commercial property trends in the region with detailed statistics and forecasts for 11 key centres.
32% of relocations triggered by expansion
Lambert Smith Hampton’s analysis reveals that businesses in the Thames Valley are once again moving premises to fulfil their growth plans, with 32% of relocations in the past 18 months being triggered by expansion.
A further 41% of businesses relocated due to a lease break or expiry. This compares with 73% in 2011/12.
Businesses look primarily at location
When deciding on new premises, businesses look primarily at location (mentioned as the primary factor in 41% of relocations), followed by quality (20%) and cost (14%).
Nick Coote, Head of Lambert Smith Hampton's Thames Valley offices, commented: "Back in 2011, weaker economic conditions meant lease events were the dominant driver of corporate relocations, with occupiers only considering a move when faced with a lease break or expiry.
Improving economy influencing business activity
"However, we’re now seeing that the improving economy is influencing business activity throughout the Thames Valley: occupiers are expanding and using accumulated capital to relocate to larger offices.
"As the regional and wider economy continues to improve, we expect expansion to be an important driver of office market activity over the next 12 months."