The scarcity of top-quality workplace house is threatening to stymie Guildford’s development, in response to 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 group, stated 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 accessible.
Storey stated: “Throughout Guildford and neighbouring Woking, workplace availability has fallen to 45% beneath the five-year common, with lower than 250,000 sq ft accessible in complete. In central Guildford, the squeeze is even tighter.
“There’s little or no new-build Grade A workplace house in Guildford’s pipeline, and far of the prevailing inventory is dated and beneath stress to modernise or convert. Prime workplace emptiness is now beneath 5%, with warnings that alternative is turning 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 if additional speculative workplace improvement might 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 web site of milk big Unigate’s depot – which is already 60% pre let and producing report rents, and Solum’s £150million Guildford Station Quarter undertaking of 430 properties, 20,000 sq ft of workplace, full with a brand new transport interchange, retailers and public plaza.
Additionally, the previous Debenhams web site is now being redeveloped because the £125 million St Mary’s Wharf scheme which is able to ship 183 riverside properties, new retail, and cafés overlooking the River Wey, and the North Road improvement is ready to rework a uncared for space by means of 477 sustainable properties, new public areas and amenities.
