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Expansion in office space shown in latest study

27 September 2016

Details of the RICS Annual Occupiers Survey 2016, indicating strong growth of rented office space in the South East of England in particular.

With 20% of respondents stating they expect to increase the amount of space rented or owned in the South East region, this was by far the largest area of expansion indicated by the survey.

When compared to the number of decision makers expecting to decrease their area of office space, the net balance for the South East was 13%.

By comparison, the figure for London was 7%, with the South West England returning the lowest figures of 4%.

Further encouraging signs from the survey included the result that 41% of UK businesses expect to further extend their UK property portfolio - either owned or rented - over the next five years.

This compared with a figure of 8% expecting to downsize in the same period.

The survey was conducted by the Royal Institute of Chartered Surveys (RICS) in association with EY and Savills.

RICS UK Commercial Property Professional Group director Paul Bagust over half of those expecting to expand their property space, 57% "cited quality of facilities as the key driver for selecting their office space".

"Proximity to transport links and amenities is the next most important (39%), with a third (35%) citing technology and digital connectivity."

Mr Bagust said this shows the desire to find "better quality spaces" which are well managed and able to deliver greater business value.

"Occupiers are undoubtedly getting smarter about understanding the value of good, well-managed premises can deliver."

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