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A Look Back
Watford's most significant deals in 2022 came via transactions in the town centre to Medivet and Rontec at Hyde and 40 Clarendon Road, respectively. Both substantiated a high £30's rental tone before the next stage of development breaches the £40 per sq ft mark.
Croxley Business Park continued its success by landing Signet in 20,300 sq ft and three other smaller tenants. As a single-owned business park that has gone above and beyond to offer occupiers a spectrum of services and amenities, its success has been rewarded.
The depth of Watford's offering will continue to see it capitalise on further occupier movement from other locations such as St Albans, Borehamwood and Hemel Hempstead.
A Look Forward
Regal London's ongoing development of 140,000 sq ft at The Clarendon Works is the big story in Watford. The building doesn't reach practical completion until mid-2024, but there is a good chance that pre-completion lettings will be achieved in 2023. The delivery of an ESG-focused BREEAM Excellent and EPC 'A' building will offer every opportunity to push rents well above £40 per sq ft.
The Clarendon Road has further reinvented itself, bookended by Watford Junction, which provides a fast train service into London, and the Atria Shopping Centre. TK Maxx's investment into their new headquarters and further development along Clarendon Road mean further successes will soon come.
What is next for Croxley Business Park, coupled with an interest in ASOS's space at Leavesden Park, will determine the future of the OOT Watford market. Continued occupier movement will be key, but both assets are well placed to capitalise as interest improves.