11 October 2019
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 email@example.com.
020 8662 2735
24 January 2020
Record rental levels for 27 Queen Anne’s Gate, Westminster after refurbishmentfull story
11 November 2019
Grade A lettings and availability - Suttonfull story
24 October 2019
Epsom – attracting significant new occupiersfull story
22 October 2019
Worthing’s largest office letting for ten yearsfull story
2 August 2019
Significant occupier renews 37,000 sq ft office lease - Worthingfull story
8 July 2019
Century House, Brighton – fully letfull story
2 July 2019
Planning permission granted for CentrePoint at Burgess Hillfull story
27 June 2019
SHW relocation services – finding the right space at the right timefull story
4 June 2019
Queen’s Road Quadrant, Brighton – Grade A office space availablefull story
22 May 2019
Largest office letting in 2019 - Galleria - Crawley Town Centrefull story
16 April 2019
New Surrey Police HQ & operational base site purchased - Leatherheadfull story
8 April 2019
17,000 sq ft warehouse post-refurbishment lettings - Bognorfull story
27 March 2019
Cafés, restaurants, pubs, retailers, gyms and cinemas sought for Edward Street Quarterfull story
13 March 2019
Available now – 919 sq ft West End refurbished officefull story
7 January 2019
For sale or let: 19,500 sq ft Crawley A Grade offices – take video tourfull story