So......How bad was 2010 - B4 Article
Last year it seemed it was just one problem after another affecting property decision makers. The snow in January, the volcano cloud in April, the election in May, the Public Spending Review in October and yet mores now at the end of 2010.
But how did Oxfordshire fare?
VSL & Partners have just completed their review of market activity for the last 4 years focusing on the central Oxfordshire and A34 markets covering Bicester, Witney, Oxford, Abingdon and Didcot.
Are There Any Positives?
• Whilst activity has been limited, there is still some activity.
• For tenants looking for new office property there are still some fantastic leasehold deals available around the ring road and in other major business parks.
• Oxford Business Park achieved over 50,000 sq ft of lettings in 7 different deals reflecting not only the quality of the accommodation but also competitive deals available to occupiers.
• City Centre office availability remains limited with rental levels holding firm and other tenant incentives are much lower than those available on the ring road.
• We are starting to see a recovery in the small office market. In the last 2 months we have seen an increase in enquiries from occupiers looking for space less than 2,000 sq ft signalling an increase in confidence from the smaller service sector.
• Within the industrial market we have seen a rebalance of demand with a reduction of enquiries from the domestic trade and service sector and an increase in demand from export driven manufacturing businesses.
• The smaller industrial freehold market has seen an adjustment in pricing leading to competitive deals being offered but supply is now limited.
• The investment market has recovered, driven by low rates of returns from bank savings, but there is a greater differentiation between prime and secondary investments. Investment opportunities remain scarce in Oxfordshire.
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