THE onset of autumn can only mean one thing - we are entering into the last stretch of 2016. Although the retailers are forcing Christmas and mince pies onto us already we still have three months of the year left. With the ripples of the European vote also in the background following the "out' vote in June, how has this affected the office market in Northampton?
It is fair to report that the Northampton offices market had a very strong first half of the year with take up to the end of Quarter 3 standing at 148,000 sq ft. With a number of deals in the pipeline set to complete during Quarter 4 it is forecast that take up will exceed 200,000 sq ft in Northampton, the first time in over 10 years.
Northampton has exciting times ahead with the onset of the first new-build office scheme in the town centre and the delivery of Project Angel for Northamptonshire County Council providing circa 160,000 sq ft which is set for completion in early 2017.
These developments along with the delivery of the Innovation Centre and the refurbishment of town centre stock for existing leasehold occupiers as well as the investment into the region to include the railway station further strengthens Northampton's position within the regional market and clearly demonstrates the appetite for good-quality product in the town.
Combine these exciting times in the town centre market with the strong out-of-town market on the business parks again reinforces Northampton's commitment to the office market. Again, development opportunities for design and build options are now being seriously considered by occupiers. With rental values increasing in the town to £16.50 psf and set to rise further.
With increased demand and competitive rents in comparison to its regional neighbours Northampton is considered to be undervalued in the wider regional context and is therefore a great option for owners and occupiers alike to consider. With excellent communications and a variety of high tech industries and strong logistics links, demand is set to increase in the town, generating further investment, jobs and all the positivity that goes with that.
Rents will soon achieve £19 psf and active demand in the town will continue to develop, further strengthening Northampton's position.
For further information or office opportunities then please contact David Grove on 10604 664366 of email firstname.lastname@example.org