2 minutes to read
A Look Back
The past 12 months have seen little new product delivered to the Guildford office market. At the same time, there has been a steady level of take-up across, with 60,000 sq ft transacted across multiple buildings. This demonstrates the depth of demand, notably from the Gaming sector.
Unable to find a single building solution, Supermassive Games spread themselves across 40,000 sq ft at Ranger House and 65 Woodbridge Road, highlighting the sector's demand and the lack of substantial, high-quality office supply close to the station. Businesses like Stellar Entertainment and Western Digital have taken up the balance of the space at 255 High Street.
Such substantial take-up has removed much of the key city centre supply, further exacerbating the lack of quality office supply in the heart of Guildford, where gamers and the core demand want to be.
A Look Forward
Healthy levels of take-up in the past few years, despite the covid-19 pandemic, have created an exciting opportunity for landlords near Guildford Station. There are interesting non-office developments in the pipeline, including Solum's c.£150 million redevelopment of Guildford Station to create a "Station Quarter" and Native Land's plan to re-purpose the former Debenhams store to provide contemporary homes, shops and a riverside public space, which will collectively enhance Guildford's appeal for business.
Two office schemes of note are under construction, both of which are appealing to different occupier sectors. Kingsbridge Estates could complete the c.40,000 sq ft repositioning of Clyde & Co's former HQ (rebranded Bottle Works) by the end of the year. At the same time, British Land look set to prove the adage "build it, and they will come" regarding their c.90,000 sq ft life science scheme at Surrey Research Park, which is under construction and rumoured to have up to 40,000 sq ft under offer to a life sciences business. Both developers will be targeting headline rents of £40.00psf+.