Heathrow Office Market
17 May 2023
Excluding the letting to payment solutions firm Verifone at Mondial House, there has been a sustained erosion of the Bath Road office market in recent years. Occupiers now place greater emphasis on the two main business parks of Stockley Park and Bedfont Lakes. 2021 marked the largest letting in Stockley Park for 30 years with the entirety of the 151,000 sq ft of The Bower let to Canon for its UK and European headquarters.
Despite significant take-up in the last 12 months, several relocations - pharmaceutical company Celegene to Uxbridge and Verifone to Mondial House - have resulted in stock on Stockley Park returning to the market. Escalating refurbishment costs means that the best in class buildings already refurbished like 6 Roundwood Avenue and Union will be the focal point for occupier activity. Union have already landed Heidelberg on the ground floor of the building.
Although the airline industry has been under intense pressure, the desire for connectivity has not waned, placing Heathrow in a strong global position.A connected community post-pandemic is pivotal to the success of business parks, and both Stockley and Bedfont are seeking to address this. Stockley has kick-started its tenant events programme with over 100 events planned this coming year alongside new perks such as a dedicated occupier shuttle bus service.
