Milton Keynes witnessed a significant increase in office take-up throughout 2013 and this momentum has continued into Q1 2014 with just over 40,000 sq ft take-up recorded and further erosion of grade A supply, particularly in Central Milton Keynes.
For the fourth consecutive year, Q1 take-up in Northampton increased, with a total of 51,221 sq ft recorded – just marginally down on Q4 2013 (58,902 sq ft). However, 38,611 sq ft of this take-up will be converted for residential use, indicating that the office-to-residential market is gaining pace as the clock ticks down on relaxed permitted development rights.
Luton saw 23,500 sq ft take-up in Q1, comprised of two deals at Capability Green and Kimpton Road - both grade A buildings.
2013 saw a sea change in demand along the southern M1 Corridor, and this trend has continued into the start of 2014 with a total of 364,500 sq ft of requirements in Northampton; 225,000 sq ft in Milton Keynes and 135,000 sq ft in Luton.
For an annual comparison of take-up, click here.