The property markets of the Thames Valley are on course for their worst year on record, as the recession continues to hit tenants in core technology industries.
There are a growing number of offices lying empty throughout the towns along the Thames Valley, an echo of the dotcom bust, which brought the property market crashing to earth after a stellar boom.
The market was regaining stability before the start of the economic downturn. Now the level of take-up of offices in the region – and in the wider M25 office market – is heading to its lowest level since records began in the early 1990s.
According to data compiled for the FT by Savills, the property consultancy, the take-up of offices around the M25 as a whole is forecast to be about 2.1m sq ft, 46% down on 2008 and more than half the 10- and 18-year averages. About half of this is expected in the Thames Valley.