Take-up in the Watford office market hit 105,000 sq ft at the end of Q1 2017, a 12% increase on the same period last year, according to new research by Savills.
The rise in take-up has been driven by strong occupier demand and renewed developer confidence in the town.
This was concentrated across two main lettings, the 30,000 sq ft pre-let to Salmon at Clarendon Works and ASOS acquiring 75,000 sq ft at Leavesden Park.
This strong start to the year follows an excellent 2016, which saw 213,000 sq ft of office space transacted.
Savills notes that this figure was nearly three times the total of 2015 and signified the best year on record since 2000.
Andrew Willcock, director in the South East office agency team at Savills, said: “Watford has continued to undergo a significant revival over the past 18 months, with a strong start to the year following an excellent 2016.
“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.
“Boasting superior transport links to its surrounding locations, Watford has a real opportunity to capitalise on the strong demand from occupiers in the region.”
BQ’s commercial property updates are supported by specialist lender Together, which provides funding to businesses and property investors nationwide. With over forty years’ experience in the financial services industry, Together offers short-term finance, auction finance, buy-to-let, residential and commercial mortgages and secured loans.
For more information visit www.togethermoney.com
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