Strong start to 2016 for Cardiff office market
Q1 up 28% year on year
Cardiff office market saw a strong start to 2016 with total floor space leased in the first quarter up 28% year on year. Grade B accommodation provided the majority of floor space taken with just over 69,500 sq ft let, well over half of which was in the city centre, while Grade A accounted for more than 24,000 sq ft. Tim Lawley, Associate with Cooke & Arkwright’s Business Space team comments, “2015 finished on a high note and the first quarter of this year has also been busy. City centre refurbished stock has been performing well, and we have seen a return of out of town demand.
“We are continuing to see high demand for city centre stock of all types. It’s possible that we could end the year with little available space left in several large landmark buildings, which will further reduce city centre space as a sizeable chunk of the market is being converted into student housing. Significant pre-lets at the new offices coming online at Central Square over the next 18 months are maintaining pressure on long term availability as well, which is contributing to upward pressure on rents.”
| Grade / Location | A | B | C | TOTAL | YEAR TO DATE | YEAR ON YEAR |
|---|---|---|---|---|---|---|
| Cardiff Bay | 0 | 11,093 | 0 | 11,093 | 11,093 | |
| City Centre | 24,039 | 37,011 | 2,163 | 63,213 | 63,213 | |
| Out of Town | 0 | 21,493 | 0 | 21,493 | 21,493 | |
| TOTAL | 24,039 | 69,597 | 2,163 | 95,799 | 95,799 | +28% |