Watford BID news

Watford office take-up sees 40% boost

Take-up in the Watford office market rose 40% year-on-year to hit 104,678 sq ft in May, according to research by Savills.

The boom was attributed to strong interest in the location among corporate occupiers and is expected to be sustained by the completion of several major schemes.

Nearly 40,000 sq ft of office space was recently refurbished at 45 Clarendon Road and The Junction. In addition, Threadneedle will complete a 60,000 sq ft office building at Croxley Green Business Park towards the end of next year, the first speculative development in Watford since 2006.

According to Savills, the location remains undervalued compared to other M25 towns. Grade A rents recently hit £27/sq ft, compared to £34/sq ft in Uxbridge and £30/sq ft in St Albans.

Highest rent since 2001

The record was set by law firm Veale Wasbrough Vizards which took 11,000 sq ft at 45 Clarendon Road for the highest rent achieved in the town since 2001. Andrew Willcock, director in the South East office agency team at Savills, said: “In the past Watford has been unable to capitalise on the significant demand for office space in the northern sector of the South East office market largely due to the lack of new development.

“However, the commitment from Threadneedle to spec build at Croxley Green Business Park highlights the current developer confidence in the town.

“This recent rental uptick should help to encourage further activity both in the centre and in Watford’s business parks.”