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The North West 2020 Annual Survey Warrington Office Market Update


Notable deals in 2019 included professional services company Stantec leasing 22,000 sq ft at Daten Park in Birchwood and Fix360, a property maintenance service arm of Your Housing, purchasing 28,000 sq ft at Birchwood Point in Birchwood.


With an office market supply of approximately of 5.4 million sq ft, it's clear to see that Warrington’s established office market is performing well with less than 8% void at the close of 2019. This may appear to indicate that there is less than 2 years’ worth of office supply given the current availability, however Warrington delivers on average 65% of its office deals from existing occupier relocations within the Borough. This provides a healthy churn of office stock coming back to market, although some size mixes are in greater demand than others which we hope will lead to new development in due course.


Simon Roddam, Director at BE Group


Warrington has a long-term average take up each year of approximately 228,000 sq ft, which is based upon BE Group’s data of take up over the last 10 years of office deals above 2,000 sq ft. 2019 has delivered approximately 247,500 sq ft of office deals, which is up on the long term average, and largely driven by a quantum of large deals above 10,000 sq ft.


Headline rents have reached £22.00 per sq ft at the established Grade A office scheme Bridgewater Place situated at Birchwood Park. There is certainly a good demand from occupiers looking to trade up to better quality accommodation, and current headline rents are testament to this. Aside from the active leasehold market, we are currently seeing a good level of occupiers seeking to purchase their own office. With a limited supply of offices to purchase, we foresee capital values firming up in 2020.


COMMERCIAL PROPERTY MONTHLY 2020


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