'Difficult 2009' for Thames Valley office take-up

Commercial property take-up in Thames Valley has fallen to its lowest for eight years, according to new research.

Figures from Cushman & Wakefield have revealed that the total level of take-up in 2009 reached 891,000 sq ft, which was 52 per cent down on 2008 and the lowest level seen since 2001.

However, the body has claimed the outlook is looking brighter in 2010, as the amount of empty space is set to fall towards the end of the year.

Charles Dady, head of UK office agency at Cushman & Wakefield, said: "2009 was not a vintage year but headline rents and incentives are now stabilising and, when we look back in 12 months' time, the first quarter of this new decade may well be regarded as the turning point in the cycle."

Earlier this month, research from Knight Frank revealed that the central London commercial property market is set to experience double-digit rental growth over the next 12 months.