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Undoubtedly the best news for Croydon recently has been the latest 300,000 sq ft prelet at Ruskin Square to the Government Property Agency in prime pitch next to East Croydon Station. The site has been hoarded too long, providing a less-than-ideal first impression. Handsome new offices and a public square will be delivered during 2022.
Another positive: the letting of Electric House to South Bank University, bringing further education to Croydon, and the prospect of job creation in the knowledge economy and graduate retention in the town.
Following extraordinary rental growth from 2016-19, the bread-and-butter leasing market has been subdued, with limited notable lettings of late. The absence of genuinely grade A space in key buildings such as Renaissance and Interchange has been the key factor – occupiers are increasingly discerning and won’t relocate to inferior space.
From a development perspective, PD has “cleaned” the market of secondary space and the right-sized office market is ripe for new delivery, to capture local and decentralisation demand. First out of the blocks: 28 Dingwall Road (Mayfair Capital/V7) – prime pitch, great design and lots of terraces – rental expectations are heading towards, if not hitting, £40 per sq ft, in line with other suburban hubs like Wembley and Stratford. Why not?
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