Constricted supply in the northern M25 office market has led to two speculative developments – the first the area has seen in 10 years.
Reduced supply of offices across all size brackets has led to decreased incentives followed by rising rents across the northern M25 area. Despite the low supply our Business Space Team had a busy 2016 acquiring, disposing and letting over 500,000 sq. ft. of office space across the area and beyond. Here’s just a snapshot of the prime rents achieved during the year:
The upward pressure on rents across all centres appears at this point in time to be less a consequence of spectacular demand and more a case of compression in supply due to the loss of a number of buildings to the residential market. For the first time in 15 years we have seen two speculative developments in Watford in Clarendon Road and at Croxley Park.
For further details including a round-up of the key transactions and activity in 2016 along with our predictions for the market going forward please take a look at the summary document downloadable below.
For more information or for advice on acquiring, letting or disposing of office properties please contact us.