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News Article

A MARKET OF SMALLER DEALSStill no real “bounce” in the Basingstoke office market, certainly not to the scale of that which is being seen in London, but the year has seen a relatively encouraging start in the form of improved enquiry levels, and a handful of deals. Transactions have been predominantly at the smaller end of the spectrum, below 3,000 in size.Taking a glance at the take-up figures over the previous 2 calendar years, which in general terms have reflected approximately 100,000 for each year, it's clear that there has been demand from a variety of occupiers. The problem is that the vast majority of deals have involved a few thousand square feet each, with little effect on the oversupply figures and the depressed rental levels.Headline rents are no more than £17.50 per at present – a recent letting of 2,500 at Renaissance on Basing View has underpinned this level again. Nevertheless, current stock is predominantly of a second hand or refurbished nature, where rental tones are that much lower, and in some cases even sub £10.00 per . Occupiers and landlords are, in many cases, looking to offset empty rates liabilities and other holding costs as best possible.Demand, whilst coming from a number of use sectors, is generally still being driven by “lease events”, such as break options and lease terminations, which present an opportunity for the occupier to move, and in the main, to upgrade their space for relatively low extra cost.We still watch the plans for Basing view with interest, certainly the half demolished skyline buildings, City Wall House and Loddon House, don’t do the area any favours at all at the moment. This is frustrating because it coincides with a number of enquiries being received which are specific to central Basingstoke. The Borough Council have to get their demolition programme and public realm initiatives underway again urgently.- ENDS –

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