The rise in demand for office space in the central south coast region of the UK – and the lack of new office development – is leading to an increasing amount of office refurbishment.While the south coast has seen significant investment in leisure, retail and residential property, the same cannot be said for office development. As a result, the availability of good-quality professional working environments is becoming a real issue.
The increased demand for office space has therefore led to a hike in headline rents. According to propertyweek.com some areas on the south coast (such as Southampton city centre) have seen record headline rents of £22/sq ft.
The opportunity to make the most of these increased rents by bringing much-needed good-quality, functional office space into the market has encouraged landlords to consider refurbishment of existing office space. For example, in 2016, Ashville Group undertook a full refurbishment of the White Building in Southampton city centre, which led to an uplift of of £5.50/sq ft in rent.
At Procol, we have years of office refurbishment experience. No matter what size of office space you have, we can advise how a refurbishment will make it more valuable to owners and users in equal measure. To find out more, please get in touch.