Every October we conduct a survey of available industrial and office floorspace in South East Hampshire. Our latest survey is summarised below. The full survey data can be downloaded.
Availability of office space has fallen by approximately 11% over the last twelve months in the four main local authority areas of South East Hampshire.
Fareham and Portsmouth are the main centres with available space, with Portsmouth being the only area to see an increase in available space.
In total we estimate availability in October 2016 to be 562,000 sq.ft / 52,211 sq.m.
Conversion of offices to residential has continued and is likely to cause further decrease in the total available space in the future.
The huge growth in availability of serviced office space is surprising. Clearly occupiers will pay a premium price for flexibility. The immediate availability of phone and internet access is a particularly attractive feature of serviced office facilities. The big question now is what ‘move on space’ will be available as some of the serviced office occupiers succeed and grow?
Industrial Floor Survey
- The current availability of industrial floor space within the PO postal districts of South-East Hampshire has equalled the all-time low, last seen in 2004.
- Availability totals 907,546 sq.ft / 84,313 sq.m, equating to less than 4% of the total built stock.
- The geographical spread of available units is evenly spread over the four local authority areas of Fareham, Gosport, Portsmouth and Havant.
- The single biggest take up of space is within the 0-5,000 sq.ft size range, where availability dropped by one third over the last twelve months.
- Availability of old / refurbished space has increased over this year. Landlords / owners will need now carefully assess the thermal efficiency of these buildings. Minimum Energy Performance Ratings will apply from 2018.
- Capital values have risen on new stock. This is making new speculative development projects viable. New projects in Fareham and Portsmouth are now being progressed.
- Rental increases through rent review negotiations are again being pursued by landlords.