The Welsh capital city has successfully recorded a total office rental of 168,074 sq ft in the 3rd Qtr. The year to date, has seen 570,609 sq ft of Cardiff office space let, compared to just 311,095 sq ft of offices rented in Bristol during the three completed quarters of 2011.
In fact, Cardiff office rental property has performed particularly well in comparison with the UK’s other leading provincial centres: City offices in Birmingham, Bristol, Edinburgh, Glasgow, Leeds, Liverpool, Manchester and Newcastle.
GVA’s The Big Nine report highlights Cardiff as registering one of the largest deals this Quarter at Fusion Point, where the directory enquires firm 118 Ltd. has taken 35,000 sq ft. Only Liverpool and Newcastle have seen businesses renting office space of this scale.
GVA The Big Nine quarterly review of the market indicates that the take-up of out-of-town and city office space rose 22% higher than the quarterly average, to reach a total of 1,940,000 sq ft in Q3.
GVA’s regional head of its Cardiff office, Ben O’Connor said: “Cardiff city centre, along with Birmingham, has been performing particularly well over the past quarter."
Connor added that “With lettings to companies such as Admiral at Brunel House, 118 at Fusion Point and 20,000 sq ft to Inexus at Capital Quarter, the city is demonstrating its strength, particularly in the call centre, and professional services sectors."
Mr O’Connor is confident that there is sufficient office rental activity in the pipeline to guarantee a solid level of transactions for the year.