According to Deloitte, current construction levels in the UK are not substantial enough to meet office space demands. Despite an upswing in office construction, office take-up continues to increase, making it difficult for businesses to find suitable or adequate office space. Good office availability for large businesses is in particularly short supply.
Figures published by Deloitte in November 2015 showed that while office construction had climbed 18% over the previous six months, a near-term shortage of supply was imminent. As a result, a significant number of office workers are forced to work in cramped or unsatisfactory conditions. The shortage is also preventing some firms from growing and expanding at the desired rate.
Deloitte real estate head of research Will Matthews said: ‘Developers will be mindful of the fact that this rise in office construction comes at the same time as high levels of residential and infrastructure development, increasing competition for available construction capacity.
‘Ultimately the rise in office development recorded in our latest crane survey comes after five years of relatively low delivery, which has exacerbated the current shortage of available Grade A stock.
‘This new space will not be completed for some time and we forecast further upward pressures on rental levels in the short term.’
With good office availability for larger businesses in short supply, there is no time to hang around.
Langstone Technology Park near Portsmouth for example, still has a small number of highly desirable office spaces on offer, which are currently attracting a great deal of interest. Locations like their’s offering quality office space rental on the South Coast are encouraging business owners to look outside London to take advantage of greater choice in the surrounding areas.
Within easy reach of London, Langstone Technology Park offers managed office space in Havant giving you the freedom to grow your business in a thriving environment. It’s easy to get to, offers excellent local walks and is likely to be more affordable than a London location. In addition, free parking and a broad range of other amenities, such as a restaurant and a fitness centre, give your employees an excellent base for work and leisure, helping to keep staff on board.
If you are considering leasing office space at a technology park in Portsmouth, Langstone Technology Park is just a stone’s throw away, with excellent transport links to towns and cities across the South East. Our remaining office space is being snapped up quickly, so don’t delay.
Contact the Langstone Technology Park team today to secure yourself a prime office location.