Wales Property DataProperty data, infographics and market reports for Wales.
The BBC’s 150,000 sq ft pre-let in 2015 gave Cardiff its best year for office take-up since 2001.
Office markets in the UK’s major regional cities are expected to post strong growth again this year, following on from a stellar performance in 2015.
Strong occupier demand in the final quarter of 2015 helped drive office take-up across the UK’s nine largest regional cities to levels 20% above the long-term average, according to Bilfinger GVA.
Secondary offices, particularly those on out-of-town business parks, accounted for most of the lettings and sales in and around Cardiff in the first half of this year, research from Cooke & Arkwright shows.
Prospective office occupiers looking for space in Cardiff are facing stiff competition.
The significant level of office development in Cardiff over the past fifteen years has been focused south of the train station at Callaghan Square, Dumballs Road and Cardiff Bay Construction fell sharply after the peak in 2008 but has picked up recently with the 200,000 sq ft pre-let development to Admiral Insurance, in the city’s traditional core.
Central Square has been at the centre of the Cardiff success story. Now, the Government Property Unit (GPU) is expected to take a pre-let on 300,000 sq ft at 3 Central Square in a deal that could lead to another record year in terms of office take-up for the city - if, that is, there is sufficient space left to satisfy rapidly growing demand. The problem is that there is not.