Coca Cola, Rightmove, Parcelforce, Network Rail, Santander, Red Bull Racing... and the list goes on.
With a 30 minute train link to London, competitive rents in the context of the wider north M25 market and an ever increasing quality of office stock, Milton Keynes is a strong contender as the destination of choice for regional occupiers and indeed those migrating from London. This has been reinforced by 2014 activity to date.
Office take up in the north M25 market is encouraging, delivering an increase of 34% during the first half of the year in comparison to the corresponding period of 2013, with 25% of all office deals (above 10,000 sq ft) in this region being transacted in Milton Keynes.
Milton Keynes take-up to date is nudging 200,000sq ft and the overall availability rate has fallen to 17%; a 3% erosion in the last 6 months. Not only is occupier demand increasing, but conversion rates are showing a positive shift. A 23.9% requirement conversion rate was recorded in the first half of the year, in comparison to an 11.74% conversion rate during the previous six months.
Occupiers have gravitated towards the best quality office space, soaking up the majority of Grade A and B stock. This erosion at the top end of the market has resulted in a short term lack of quality supply but supports the case for speculative new build and refurbishment programmes to commence.