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Traditionally, the Watford office market has been all about Clarendon Road – shopping one end, mainline station the other. This hasn’t changed, in that rental growth has mainly been observed here, with the fall-off beyond Clarendon Road being significant.
Rents in the prime pitch are now firmly late-£30s and older buildings are continually being upgraded. Amongst the notable current activity, Enterprise Finance are reportedly under offer at Hyde, Clarendon Road, moving from Borehamwood, a more secondary office location, reflecting Watford’s status as the primary office critical mass in Hertfordshire.
Out of town, Croxley Park has been delivering some excellent buildings and the results have followed: the latest new speculative product of 85,000 sq ft is allegedly under offer at £37.50 per sq ft on a long lease, prior to completion.
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