News

11 October 2019

South East towns see low take-up but record rents

Offices


A number of South East towns achieved record office rents in the first half of 2019 despite low take-up across the region, according to a report by SHW. The firm’s South East office focus report for Q3 revealed that low availability (3-5%), combined with low occupier costs and a large local workforce, supported rental growth in some areas.



The report cited Croydon, where a number of lettings under 5,000 sq ft had achieved new record rents of £34/sq ft. But there were no lettings of more than 5,000 sq ft in the first six months of 2019 and only 15,000 sq ft was let in total over the same period. This figure, however, more than doubled to 31,000 sq ft between July and September. 

 

Holly Purvis, director of business space agency at SHW, said factors affecting demand in Croydon included uncertainty surrounding Brexit, delays in the Whitgift Centre redevelopment and a booming flexible office sector. At £48/sq ft, occupancy costs in Croydon are still relatively cheap. 

 

In Brighton, new schemes such as U+I’s Circus Street development are quoting rents of £35/sq ft - which would be a record for the city.

 

A new record headline rent was also achieved in Clapham, with £53/sq ft. 

 

This article originally appeared in Property Week 4/10/19.

 

To obtain a copy of SHW’s Focus Reports email Tim Hardwicke on thardwicke@shw.co.uk.

 

Contact:

Holly Purvis

hpurvis@shw.co.uk

020 8662 2735


back to newspreviousnext

Author

Holly Purvis

Business Space Agency

Director

see more
More from this author

Subscribe for more

share this article

Related articles

11 November 2019

Grade A lettings and availability - Sutton

full story

24 October 2019

Epsom – attracting significant new occupiers

full story

22 October 2019

Worthing’s largest office letting for ten years

full story

2 August 2019

Significant occupier renews 37,000 sq ft office lease - Worthing

full story

8 July 2019

Century House, Brighton – fully let

full story

2 July 2019

Planning permission granted for CentrePoint at Burgess Hill

full story

27 June 2019

SHW relocation services – finding the right space at the right time

full story

4 June 2019

Queen’s Road Quadrant, Brighton – Grade A office space available

full story

22 May 2019

Largest office letting in 2019 - Galleria - Crawley Town Centre

full story

16 April 2019

New Surrey Police HQ & operational base site purchased - Leatherhead

full story

8 April 2019

17,000 sq ft warehouse post-refurbishment lettings - Bognor

full story

27 March 2019

Cafés, restaurants, pubs, retailers, gyms and cinemas sought for Edward Street Quarter

full story

13 March 2019

Available now – 919 sq ft West End refurbished office

full story

7 January 2019

For sale or let: 19,500 sq ft Crawley A Grade offices – take video tour

full story

To ensure we give you the best experience on our website we use Cookies. You can change your cookie settings at any time. However, if you continue without changing your settings we will presume you are happy to receive all cookies on the SHW website.

Continue