Offices

Office market update: Business parks targeted by quality tenants

A move towards more flexible, accessible ways of working is providing a boost to the out-of-town office sector, says our agency team.

NG, which itself is based on the Wheatcroft Business Park in Edwalton on the outskirts of Nottingham, have recently completed two business park deals totalling 10,000 sq ft. These were:

– A 5,454 sq ft office building let to logistics giant Wincanton at Chetwynd Business Park, Chilwell; and

– A 4,500 sq ft footplate let to a vision correction clinic at the ground floor on Apex Business Park in Wilford.

Our Head of Agency, Thomas Szymkiw is also reporting a host of other office space under offer or attracting signification interest, such as:

– Apex Business Park, Wilford – a 5,044 sq ft floorplate shortly to go under offer to a financial services company;

– The Triangle, on NG2 Business Park – some 4,055 sq ft of office space shortly to go under offer to a multinational pharmaceutical business;

– Apex Business Park, Wilford – a 5,800 sq ft building with significant interest off market from a national charitable organisation; and

– The Triangle, on NG2 Business Park, where a 2,000 sq ft office unit is under offer to an investment fund management company

Thomas said: “With 17,000 sq ft of office space on business parks under offer or shortly to go under offer, there are strong levels of activity in the market across the region.

“Business parks offer more accessible locations than the city centre – and business owners are reflecting this by looking for more out-of-town offices for their staff.

“What we are seeing is landlords of modern buildings providing open plan floorplates ready for a bespoke, high spec tenant fit-out. This reflects not only the change of working practices but also an appetite from occupiers post-pandemic to provide the very best working environment for their staff.”

This is also good news for landlords, said Thomas: “Headline rent and values of offices on business parks have remained resilient – and in many cases are improving. What we’re seeing is a win-win for both tenant and landlord.”

And in more good news for landlords, our Building Surveying and Agency departments are increasingly working in collaboration on a number of projects.

Thomas added: “We’re able to bring our Building Surveying team in to advise clients on dilapidations, the correct refurbishment works and trends in the market to elevate their buildings above the competition – resulting in swift disposals.”

If you’re a landlord looking to maximise your office portfolio or an ambitious business targeting your next office move, get in touch with Thomas on 07564 580300 or email thomas@ng-cs.com for an informal chat.