In theory, hybrid working offers the best deal for both employer and employee. It combines pre-Covid-19 patterns of office-based working with remote working. Many employers have reported that they are benefitting from employees having more flexibility to get work done when and where they’re most productive (and that may not always be in the office…)
The latest figures from international real estate advisor Savills show that office take-up in the Cardiff market reached 121,000 sq ft in Q1 2022, the highest Q1 take-up since 2019, and 214% above Q1 2021.
While there was no change in the prime rent in Cardiff in Q1 2022, Savills expects the prime rent to grow for the first time in six years in 2022 with current forecasts predicting that the prime rent could reach approximately £30.00 per sq ft by the end of the year.
It has certainly been an excellent start to the year for the Cardiff office market and we’re seeing the same trends here at Mamhilad Park Estate with occupier demand and presence bouncing back to pre-pandemic levels.
Home to over 180 occupiers, we’ve got 300,000 square feet of office space. A thriving business community of some 1,800 people, the business park is home to a diverse range of sectors including professional services, call centres, public sector offices, manufacturing and logistics.
With headline office rents of £12.50 per square foot plus a service charge of £3.50 per sq ft for formal leases or all-inclusive rents of £18 per sq ft for flexi-lettings of less than 1,000 sq ft, the price of office space is certainly more affordable than Cardiff. We also offer flexible terms (and unlimited free car parking…). It’s therefore probably not surprising that our current office occupancy levels are averaging more than 90%.
With hybrid working likely to remain, there is even more demand for high quality office due to employers being keen to improve the quality of space and design of their workspace in order to attract staff back to the workplace more regularly. That’s great news for us but it also means that it is much easier for teams to form social bonds, individuals to share knowledge and employers to attract talent.
What we’re also starting to see is private sector businesses and public sector organisations rethink their space requirements and reconfigure their office layouts. The cost per square foot is certainly much cheaper outside of the city centre plus we have the benefit of unlimited free car parking and some great onsite facilities including a café, gym, nursery and a woodland walk (great for destressing at lunch time…) Mamhilad is just 20 minutes from junction 25 of the M4 and there is a new park and ride facility under construction nearby.
Please do come and take a look for yourself.