Watford office market continues take-up surge

May 28, 2017 by  

Office space in Watford has hit a new high, with recent statistics showing that 105,000 sq. ft. of space is now being occupied at the start of 2017’s second quarter.

The strength of the office market is thanks to strong demand by residents and a renewed confidence among developers in the area, according to real estate company Savills.

The impressive start is hot on the heels of a superb 2016, when 213,000 sq. ft. of space was taken up. The number was close to three times that of the previous year.

With one company after another moving in to the space, it would indicate that occupiers are enjoying success. In order to expand and require larger office space, these companies may have had successful marketing strategies in the region which could range from personalised corporate gifts to poster printing.

Watford’s office market has seen improved developer confidence, says Savills, which illustrated the point with such examples as Columbia Threadneedle, a firm which is allegedly developing a building with 60,000 sq. ft. of space.

Director for the South East’s office team, Andrew Wilcock, said:

“This renewed confidence has already seen developers return to the town and we hope that the success of the first wave of speculative office buildings will encourage further development.”

Just 103,882 sq. ft. is currently available, one third less than the 2016 figure, with 13,720 sq. ft. of grade A office space remaining.