Cardiff Office market’s bumper year

Upward trend expected to continue

3 February 2016

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Figures released by Cooke & Arkwright’s Business Space team show that more than 617,000 sq ft of office space was let in 2015, up 14% on 2014. Associate Tim Lawley comments, “2015 was a bumper year with two major deals made in the final quarter, and with several high profile deals expected to complete this year we expect this upward trend to continue for 2016. The highest year we have on record was in 2011, with around 652,000 sq ft let, which included the 195,000 sq ft to Admiral in the city centre.

“Figures were boosted in 2015 by the BBC letting at Central Square of 150,000 sq ft and Public Health Wales at Capital Quarter for 51,000 sq ft. An additional 250,000 sq ft or so was also achieved through other office lettings throughout the city, demonstrating an overall confidence in the market and making it the second most successful year for deals since 1995.

“As Cardiff adopts even more Grade A office space, we have seen tenants such as the BBC and Blake Morgan commit even before the buildings have been completed and seeing big players such as these move into the city is no doubt having an effect on companies looking for space.”

I have worked with Jeremy Symons over the past three years successfully leasing and buying property in support of my business. I continue to be very pleased with his knowledge of the market and expertise. Our relationship over this time has resulted in acquiring 20,000 sq ft at Capital Business Park in Cardiff, leasing 11,000 sq ft at Southpoint, and subsequently leasing an initial 42,000 sq ft at Parc Bedwas, followed by a succession of expansions of a further 11,000 and then 47,000 sq ft, enabling us to centralise all of our operations at Parc Bedwas in a single 100,000 sq ft facility. The acquisitions were completed at the perfect time for tenant purposes and the rent fixed throughout the term at very economical rates. A job well done.

Bob James, Aerfin