It is the most closely watched league table of its kind for the regional commercial property sector – with an independent consultancy in Hampshire coming out on top.
The M27 Corridor office agents’ league table, based on the amount of office floor space let or sold over one year and a bellwether of economic activity across the Solent, has just been published by Estates Gazette, the commercial property industry’s ‘bible’.
Hughes Ellard, the 22-strong consultancy with offices in Southampton and Fareham, topped the leaderboard with 39 deals totalling 182,244 sq ft (16,931 sq m) – equivalent in size to 64 tennis courts.
Gary Jeffries, Managing Director, said: “Topping the league is testament to the quality of our hard-working team, who have exemplary knowledge of the market and understand the needs of clients and their professional advisers. Furthermore, the team has consistently delivered results for clients in what have been challenging economic conditions.
“Looking ahead, the M27 Corridor is benefiting from a resurgent UK economy, with local businesses more bullish about the future than perhaps they have been since the credit crunch five years ago.
“This refreshing confidence is generating activity in the office market and is underscored by reports that the services sector has been having the strongest quarterly growth in 16 years, boosted by an upturn in manufacturing, construction and the housing market.
“The table is a local bellwether of economic activity and is closely followed by everyone involved in commercial property.”
Hughes Ellard’s business space team include Gary, Russell Mogridge, Nix Cox, David McGougan and Harnish Patel.
The largest deal by floor space for the firm was 34,200 sq ft (3,177 sq m) at Barnes Wallis Road, Fareham; the largest deal by sale price was at a different location in the same road, for £1m.
Based on disposal figures over 12 months to the end of August, the league table excluded investment sales, lease renewals and re-gearing and included joint agent deals.
Second in the table was Lambert Smith Hampton, followed by Vail Williams.
Last year’s winner, Jones Lang Lasalle, slipped out of the top 10.