Vail Williams tops office space league table for M27 corridor

November 26, 2019

Following a stellar year of lettings and sales across the Solent, the Vail Williams Business Space team has taken top spot and bragging rights in the region according to Estates Gazette.

Property consultancy Vail Williams has topped the closely-watched M27 Corridor office agents’ league table for Hampshire.

Covering the port cities of Portsmouth and Southampton, the firm recorded 261,685 sq ft of office sales and lettings from September 2018 to August 2019.

Vail Williams, which employs 50 staff locally, was 155,104 sq ft ahead of second place.

Last year Vail Williams merged with Fareham-based Hughes Ellard, which had topped the league table for four out of five years preceding 2018, catapulting Vail Williams from sixth to first this year.

Estates Gazette, the UK commercial property magazine, compiled the Radius Data Exchange M27 Corridor league table from deals recorded over 12 months in the Solent region.

Russell Mogridge, Lead Partner for Vail Williams’ Solent Transactional Team, said: “Despite the political and economic headwinds, the Solent region has held its own, with 50,000 diverse businesses.

“There is a vibrant, diverse economy, from a relatively buoyant services sector to the supply chains of the ports, along with manufacturing, construction, technology, aerospace, maritime and engineering.

“All of these businesses require business space, often when demand outstrips supply, and, using market-leading experience and know-how, that is what Vail Williams is able to source on behalf of occupiers and landlords. The latest figures bear this out.”

According to Estates Gazette, the largest deal was a 27,000 sq ft letting to Checkatrade at Lakeside North Harbour business park in Portsmouth. This was done through Vail Williams.

Research showed that the total amount of space disposed of along the M27 Corridor of Portsmouth and Southampton was 467,398 sq ft, up by 24% on the previous year.

Average deal size was 3,652 sq ft, up 8%, and take-up increased by 15%. There were 128 separate disposals, also up by 15%.

Vail Williams’ business space team for the Solent comprises Russell, Nik Cox, Tim Clark, Harnish Patel, Will Elgeti and Alex Gauntlett.

Nik, who leads the Solent Business Space Team, said: “Sector data shows that, over this year, Vail Williams has been involved in 94% of take-up office space over 5,000 sq ft within a 10-mile radius of Southampton city centre, reflecting local knowledge and the long-term property investment ambitions of businesses.”

Professional services by the consultancy include development appraisal, search and acquisition, valuation, rent review and lease renewal, asset management, building consultancy, disposals and investment advice throughout the Solent region and the UK.