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A Look Back
Uxbridge witnessed a dip in take-up in 2022, with a 61% reduction on the previous 3-year average. Take up equated to 36,400 sq ft, with the last three years achieving over 88,000 sq ft per annum.
Occupiers have steered towards the best-in-class buildings, with the continued filling up of the Charter Building reinforcing this. Occupiers such as Tempur and Yoplait have added to the business community, leaving a single floor in the building.
Rents and rent-free incentives have started to recover from the mid-Covid levels that brought about a very competitive landlord marketplace. Headline rents have reached £36.00 per sq ft, which is expected to remain the record rent for the remainder of 2023.
A Look Forward
With the primary focus of occupiers being a flight to quality, whilst supply in Uxbridge remains healthy, there will be a transition towards limited premium office space in the town. Regarding the development pipeline, the only new best-in-class space coming through is Building 1, Arc Uxbridge, where 81,500 sq ft of newly refurbished space will complete in June this year.
There is growing pressure within Hillingdon to enhance the connectivity to Hayes & Harlington and West Drayton to take advantage of Crossrail. With Uxbridge also within the new boundaries of London's extended ULEZ zone, this will place more significant pressure on improving public transport.
There are just over 642,000 sq ft of lease events in Uxbridge over the next two years, and one eye will be on whether occupiers consider a move into core West London as they look to upgrade their office space.