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Guildford took a blow to its civic pride with the departures of Philips, Honeywell and Sanofi, but bounced back well during 2020 despite Covid-19. Office take-up was the best for several years, at over 100,000 sq ft.
Much of this was sub-10,000 sq ft units, a trend seen across the wider M25 market towards well-presented multi-let properties. Both in and out-of-town markets have fared well, with rents reaching a new record of £36.50 per sq ft for the best floor at 255 High Street. Several other deals reached £36 per sq ft. Finance, legal, gaming, medical and technology remain key active sectors.
The gaming community continues to be the Next Big Thing – business is booming, and although the occupiers are plentiful, most are young businesses, generally 20-100 employees and are focused around the mainline station for amenity provision, plus access to customers and funding partners in London.
Prime office development opportunities remain scarce, with strong residential pressures for unallocated sites and stringent local planning policy. Scarcity is therefore likely to ensure the continuing robustness of the rental picture, especially in the town centre – although many landlords will need to assume a focussed asset-management approach, rather than yesterday’s drier single-let tenancies.
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