The South East
JLL Western Corridor Snapshot Summary By Sarah Downes Lead Director - Stockley Park, Heathrow JLL
2024 started strongly and we have experienced a much stronger year of take up so far, when compared to 2023. JLL’s Western Corridor team have transacted over 1 million sq ft in H1 of 2024 which is nearby double that of 2023 showing the strength and depth of the market. Occupiers do, however, seem to be taking longer to make decisions and deals are taking longer to transact as a general comment. There remains limited supply across all size ranges.
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Traction generally across the market is strongest for those units which are Grade A with strong ESG credentials in a flight to quality for corporates looking to secure and retain staff in key locations.
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The increasing cost of warehousing space in around the M25 core locations are forcing occupiers to consider their overall property strategy and locations alongside it. A tiered market is being created as occupiers who don’t necessarily need to be close to main Airports such as Heathrow are choosing to relocate and consolidate further West along the M4 & M40 and outside the M25 to take advantage of reduced rental prices.
The Thames Valley and Bracknell & Reading in particular are seeing demand from occupiers who need both air and sea
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freight links from Southampton acting as a halfway point delivering into West London / Heathrow. Alternatively, some occupiers are looking at retaining a smaller distribution hub in West London to house air freight and looking to move sea and road freight outside of the M25.
A real issue for occupiers within the wider Western Corridor is the availability of up and built quality Grade A accommodation – those developments that have speculatively delivered space are now seeing the benefits with a number of pre-lets and pre- let discussions on going particularly when closer to practical completion as occupiers can ‘see it, touch it, feel it’ – this is particularly prevalent at XLB’s new sustainable development at Frimley Business Park and the Slough Trading Estates new Edinburgh Avenue & Stirling Road developments delivering best in class space within the Thames Valley.
We expect Q4 to be a strong finish to the year and further rental growth within key Western Corridor markets over the next 12 months, particularly within the Thames Valley.
For more details please visit
www.jll.com or Email
sarah.downes@
jll.com
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