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News Release

Southampton

Jones Lang LaSalle Top South Coast Office Agents League Table


 

Jones Lang LaSalle has topped the South Coast Office Agents League Table, having disposed circa 159,000 sq ft of office accommodation on the M27 in the last 12 months. The results were announced in the latest issue of trade publication Estates Gazette.
 
The bulk of this space was in two of the largest occupier transactions seen in south Hampshire in the last five years: in Chandlers Ford, Ageas Insurance, has purchased Portswood House (circa 88,000sq ft). This office building is currently undergoing an extensive refurbishment.
 
To the east, Portsmouth University has purchased the St Andrews Court in central Portsmouth (circa 71,000sq ft), also for its own occupation to 23,000 plus students.

Jason Webb, Director of Office Agency in Jones Lang LaSalle’s Southampton office, who acted as sole agent for LaSalle Investment Management on Portswood House, and as sole agent for The Land Registry on St Andrews Court, commented: “Whilst we are pleased to have topped the agency league table, there are also some important lessons for landlords to pick up on from the deals we have agreed.

“Both of these significant transactions to owner occupiers have been at substantially higher levels than other vacant possession sales that have taken place to investor developers. For example, 1600 Parkway, a 39,000 sq ft building on Solent Business Park has recently sold at circa £20 sq ft, which compares poorly with the £70 sq ft and £100 sq ft which was achieved on Portswood House and St Andrews Court respectively. This is in spite of the fact that all three buildings were of a similar age, and similarly in need of refurbishment. We believe this trend will continue whilst letting prospects for offices remain gloomy in the current economic downturn.”