Up to 200 new jobs would be created at 23,560 sq ft Phoenix House if current negotiations result in the signings of two companies, one on the ground floor, and the other on the first floor.

The state-of-the-art Phoenix House building at Botleigh Grange Office Campus, Hedge End, is the first new speculative development the area has seen in years.

Bob Stoyle, of developer Wyncon, said: 'I can confirm that negotiations are now taking place with two parties who have expressed serious interest in leasing, separately, the ground and first floors, which would create up to 200 new jobs because they are out of area.

'The talks are commercially sensitive, so we're unable to provide more concrete details yet. If they do sign, it will bring much-needed employment during what everyone recognises as a turbulent time in the British economy.'

The scheme aims to relieve pent-up demand for quality space along the M27 business corridor. The office is available to buy freehold or rent at £22.50 a sq ft.

Captain Jimmy Chestnutt, director-general of the Southampton and Fareham Chamber of Commerce, representing 4,000 businesses, inspected the two-storey office alongside Russell Mogridge of Hughes Ellard.

Hughes Ellard, the Portsmouth-to-Southampton commercial property agency, is marketing the scheme jointly with national agents Strutt and Parker.

Captain Chestnutt said: 'Phoenix House has got off to a flying start, and it would be a real shot-in-the-arm for the local economy if the negotiations resulted in 200 new jobs being created.

'We need more inward investment deals like this.'

He added: 'The development has already generated local employment, with up to 55 people working on the project every day for the past few months, and we wish Wyncon every success.'

Mr Mogridge said: 'Phoenix House is attracting a lot of interest because there are no other high-specification offices locally being built speculatively because the credit crunch has dried up lending.

'The office also benefits from proximity to the M27 and having 95 car parking spaces.

'The state-of-the-art design, similar to other offices on this prestigious business park, is also a major draw.

'The demand is there, and the interest shown at such an early stage is proof of that.'

Wyncon has a track record in successful commercial property developments across the UK, including Highgrove Industrial Park at Portsmouth and Whaddon Business Park at Salisbury.

Funding is being provided by London-based Strutt & Parker Real Estate Financial Services while the builder is Fareham-based Amiri Construction.

Botleigh Grange Office Campus is one of Hampshire's employment hotspots, with upwards of 1,000 people working for household names like Lloyds TSB Bank, Bank of Scotland and support services giant VT.

The previous speculative development at Botleigh Grange was 30,000 sq ft Burlington House.