THE supply of office and industrial property in Oxfordshire has fallen to its lowest level since 2010, according to figures compiled by Tackley-based agents Meeson Williams. They show supply has fallen for the third consecutive quarter, with demand more than doubling due to a dramatic increase in the average size of industrial requirements, rising from 10,000 sq ft in the second quarter of this year to 38,000 sq ft in the third.

Meanwhile, the level of office requirement has remained steady, although the average size has continued to fall to 3,000 sq ft in the last quarter.

Industrial supply fell by 20 per cent, with the steepest falls in Banbury and Witney where the supply in both towns fell by around 50 per cent. The average unit size decreased from 24,000 sq ft to 17,500 sq ft.

Office supply fell by 17 per cent across the county. In Oxford, 100,000 sq ft was taken up during the quarter and although more than 90 units are on the market, the majority are on the outskirts of the city with continued shortage of supply in the city centre.

David Williams, of Meeson Williams, said: “We are seeing plenty of activity and the data shows this has converted into the take-up of property.

“Occupier demand has been very focused on the type and location of property, resulting in the emergence of contrasting areas of over-supply and under-supply in Oxfordshire. “When undertaking searches for clients, we are increasingly forced to look for properties off-market, usually delaying the whole process.”

The research also revealed a stark shortage of small nursery industrial units in Oxford and the main county towns, creating a real barrier to start-up and growing small businesses.

* The first shop unit has been released for sale at Great Western Park, the new 3,400 home development on the western edge of Didcot.

The shop will be ready in December and faces onto the main spine road within the northern neighbourhood centre.

It has a total gross area of 725 sq ft including sales with double-fronted window, a store and amenities. The shop is being offered for sale through Meeson Williams, at £150,000.