The Thames Valley office market made a strong recovery in 2013 showing a 56% increase in take-up, while the number of office enquiries over 5,000 sq ft through the year increased by 17.5% in comparison to 2012.The robust finish to the year was in part thanks to strong Q4 results.Take-up levels in Q4 2013 were 653,892 sq ft, an increase on the Q3 2013 levels of 254,150 sq ft.
Increased take-up and falls in availability mean there is just under under four years of supply (7.4 years -2012) on the market at current take-up levels. This drops to 3.7 years for grade A stock (5.7 year - 2012).
Occupier demand has increased, reflecting real corporate growth/investment, not just the more passive lease event driven activity. Essentially this is the difference between 2012 and 2013. We expect occupier demand to, at least, remain at this new level in 2014.