Guildford Office Market
17 May 2023
Questions have been asked about whether Guildford needs to ‘up its game’ with ‘noisy neighbour’ Woking recently having the temerity to steal occupiers BOC and IDBS for its own. But riding to the rescue are the gamers. Guildford town centre now has one of the hottest stories in the M25 market as the primary destination for the gaming sector.
Branded “The Hollywood of Gaming” for years, occupier’s attraction to this market centres around software giant EA Sports and tech/science-led University of Surrey. The gaming sector is absorbing every square foot available within striking distance of the station, accounting for around 60-70% of all demand. With covenants now bolstered by buyouts and PE backing, landlords are gaining confidence to deliver product to this growing occupier group.
Innovation has a firm footing in Guildford and British Land’s investment in Guildford Research Park will look to extend this to include Life sciences sector occupiers too. Top headline rents achieved are hitting £37.00 psf, but arguably, “true prime” will deliver towards £40.00 psf in the near term, given sporadic pipeline delivery, stringent planning, and competing uses.
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