Offices & Labs Databook M1 South - January 2024

Prime rents rose to £35 per sq ft and we expect further growth, given the market’s good demand / supply dynamics.

Office take-up in Milton Keynes jumped to its second highest level on record in 2023. While Santander’s decision to take 335,000 sq ft at Unity Place for its new UK HQ was the stand-out event, there was an underlying improvement with lettings activity returning to pre-pandemic levels.  

Although some existing occupiers are down-sizing, there is a steady inflow of new businesses into Milton Keynes, attracted by its central location within the Oxford-Cambridge Arc.  Prime office rents rose to £35 per sq ft and we expect further growth, given the market’s good demand / supply dynamics.