Cardiff Demand

In a recent report by Cushman & Wakefield, local agents reveal that Cardiff office occupiers are pushing on with move plans and that no deals have fallen through since the Brexit vote. There is also a strong demand for new space with a number of large requirements active in the city centre.

Office take-up volumes in Cardiff reached 192,000 sq ft in the six months to July 2016 , a 31% increase on H1 2015. HMRC signed a five year lease for 55,000 sq ft across four floors at Brunel House; Cardiff School of Journalism took 2,730 sqm (30,000 sq ft) at No 2 Central Square, Cardiff University took 29,000 sq ft at Friary House and Opus Energy took 1,161 sq m (12,500 sq ft) of offices at 2 Capital Quarter as well as deals to RBS and Studio TRI. In August, MotoNovo Finance took a larger than expected 6,600 sq m (71,000 sq ft) on five floors at the recently completed One Central Square.

Metropolis is tracking around twenty medium or large size office requirements in Cardiff, including Geldards, PWC and Network Rail. In addition there are a further twenty medium/large companies about to make lease decisions in Cardiff.

Legal & General has announced it was closing its offices in Surrey and relocating its workforce between Cardiff and Hove

Grade A office space availability remains low in the city centre which is putting upward pressure on prime rents at £25 per sq ft. JR Smart has started construction of 75,000 sq ft of new offices at 3 Capital
Quarter following the success at 2 Capital Quarter. While buildings such as  2 Kingsway and Golate House are tipped for refurbishment.

From next year, the city will benefit significantly from the electrification of the Great Western Main Line, improving east-west links with London and Bristol.

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