The scarcity of top-quality workplace area is threatening to stymie Guildford’s development, in accordance with property consultancy Vail Willians.
The West Surrey city has been boosted by city centre regeneration schemes, as Luke Storey, a part of the agency’s western hall company workforce, mentioned Guildford is benefiting from ongoing mixed-use and residential developments.
Nevertheless, restricted prime workplace provide and rising occupier demand means rents will proceed to rise till extra inventory turns into obtainable.
Storey mentioned: “Throughout Guildford and neighbouring Woking, workplace availability has fallen to 45% beneath the five-year common, with lower than 250,000 sq ft obtainable in complete. In central Guildford, the squeeze is even tighter.
“There may be little or no new-build Grade A workplace area in Guildford’s pipeline, and far of the prevailing inventory is dated and underneath strain to modernise or convert. Prime workplace emptiness is now beneath 5%, with warnings that alternative is changing into critically restricted for companies looking for well-located workspace.
“It’s essential that future schemes ship fashionable workplace lodging and the market will now look as to whether additional speculative workplace improvement will be unlocked to assist alleviate the rising demand.”
Storey cited a number of key offers have which have underlined the power of demand, significantly for well-located, fashionable, and sustainable workplace environments.
These embody DTRE’s Grade A refurbishment of Bottle Works – the previous website of milk big Unigate’s depot – which is already 60% pre let and producing file rents, and Solum’s £150million Guildford Station Quarter undertaking of 430 houses, 20,000 sq ft of workplace, full with a brand new transport interchange, retailers and public plaza.
Additionally, the previous Debenhams website is now being redeveloped because the £125 million St Mary’s Wharf scheme which can ship 183 riverside houses, new retail, and cafés overlooking the River Wey, and the North Avenue improvement is about to rework a uncared for space via 477 sustainable houses, new public areas and services.
