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A Look Back
Woking continues to be Guildford's "noisy neighbour", delivering high-quality, city centre office schemes near the station – developments that Guildford lacks. Occupier demand is now focussed on the core area, as out-of-town schemes, like Genesis Business Park, have been acquired for medium-term alternative use.
Take-up in the past 12 months at c.25,100 sq ft is significantly less than in previous 12-month periods. However, RLAM's Space attracted Kent PLC and Roke, while V7/Mayfair Capital's Forge poached Verint from Weybridge. This demonstrates the occupiers' continued flight to quality in city centre locations with strong transport links.
A Look Forward
Despite take-up over the past 12 months remaining below previous years, there is still named demand across Surrey, chasing the remaining c.165,000 sq ft of Grade A available space. Our occupier intelligence indicates an inward migration of businesses from Chertsey and Guildford, which will boost take-up figures in 2023.
Woking remains a strong business location due to public realm improvements, the combination of private and public sector investment and the steady influx of new businesses to the area. The prime headline rent has been steadily increasing to the high £ 30.00's per sq ft, and we expect this to continue for prime space as the gap between prime and secondary rents further widens.