IBM in Market for New Office Space in Greater London
According to reports, IBM are actively considering downsizing its existing offices near Heathrow Airport where they occupy office space in excess of 100,000 sq ft.
The office space, which is located on the established Bedfont Lakes Office Park, has been occupied by IBM since the business park first opened in 1992. It is reported that the firm have instructed Commercial Property agents BNP Paribas to look for potential new office space sites of between 60,000 ΓÇô 80,000 sq ft in the Heathrow or Reading areas.
Quoted by leading property magazine Property Week, a spokeswoman for the partnership said:
ΓÇ£Almost all incumbent occupiers who have a lease nearing expiry will consider their options, which of course would include looking at alternative office buildings. We have been in discussions with IBM and we are aware that they have been in the market to understand what is currently available.ΓÇ¥
If IBM do go ahead with such a move, they will add to the flurry of large deals that have taken place with the Greater and Central London area since the the beginning of the year. But with the supply of prime office space becoming increasingly limited due to a lack of developments coming to market, IBM may find it difficult to secure their office of choice in what seems to be an increasingly competitive market.