Milton Keynes has seen an increase in availability with 90,000 sq ft bought to the market at MK:Central following Network Rail's relocation to a grade A purpose built HQ. All space transacted in Q4 was refurbished, reflecting occupier demand for the best quality stock.
Luton & Dunstable saw increased availability and continued tenant demand for out of town areas where there is more quality accommodation. We expect increasing amounts of town centre space to be converted to alternative uses such as residential or community uses during the year, especially given the Government's recent announcement on the relaxation of planning controls. Read more here.
The majority of take-up in Northampton was close to the town centre with a number of smaller size transactions completing. Out of town business parks saw greater occupier interest, with space that has been on the market for over 12 months being let. Despite improved take-up, availability has increased to circa 580,000 sq ft, with just poor quality stock remaining. With no new builds on the horizon, occupiers are now considering alternatives and landlords are increasingly refurbishing older stock.
For a breakdown of availability across the M1 Corridor click here.