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Brighton continues to be a major “hotspot” with market demand outstripping supply, largely due to the ever-growing Technology, Media and Telecoms (TMT) sector. Workers continue to be attracted to “Life on the Lanes”, offering one of the happiest destinations in the UK.
Just one development scheme has completed in the past year. Mixed-use Circus Street offers 30,000 sq ft of prime office space. The top floor is already let to a cloud computing provider, Hyve Managed Hosting, at a record rent of £36.00 psf, marking a +21.5% increase on 2018/19 prime achieved rent of £32.00 psf secured at The Brinell Building.
This leaves just c.21,000 sq ft of brand new / Grade A space available in Brighton which won’t be around for long. The balance of available space is heavily weighted toward Grade B (ca. 82%), which is only of interest to the few budget led / public sector requirements as the balance of the occupier market seek best in class product.
Just one scheme, Edward Street Quarter (125,000 sq ft) is under construction and rumoured to be fully under offer to two parties and close to exchange. There are only two other schemes in the pipeline, set to deliver an additional c.50,000 sq ft of brand-new space into the market in 2023.
Given these conditions, there’s no reason why the prime rent in Brighton couldn’t hit £40.00 per sq ft for best in class, ESG compliant product in the right location in the coming years.
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