Encouraging signs for the local office market
As we emerge from the pandemic, lots of questions are currently being asked about the future of offices and working practices. Businesses across all sectors are reviewing their requirements and facing the challenge of establishing their future space requirements, the need to improve working environments and deciding upon the optimum location.
In 2020 we saw very limited activity in the office market but we have seen some encouraging signs during the first half of this year, with enquiries and transactions increasing across all three of our commercial offices in Chelmsford, Colchester and Ipswich. In the first six months of 2021, office sales, lettings and lease renewals accounted for 121,000sq ft and we currently have approximately 165,000sq ft either under offer or in the advance stages of negotiations.
Michael Moody commented “Despite the obvious impact on working practices, demand remains strong for good quality office space in the region and rents appear to be holding firm at pre-Covid levels, and in some instances increasing. The majority of enquiries are coming in from companies who are already based locally and looking to expand, perhaps in order to create a regional hub. However, we are also encouraged by the growing number of enquiries from other businesses looking to establish a presence in our area, especially those looking to relocate from London.”
The Octagon is a prestigious building in central Colchester with modern suites ranging from 1,858sq ft to 10,248sq ft, 24hr reception/security, parking and an onsite café. Please contact Michael Moody on 01206 854545 or find out more here.
As businesses embrace agile working arrangements, the function of office space is likely to change and occupiers will look to secure the highest quality, adaptable space on flexible terms. Alistair Mitchell added “We act as letting agents for CEG, owners of both The Octagon in Colchester and Crown House in Ipswich, two prominent landmark buildings that offer some of the best accommodation around. Our clients have listened to their tenants and have invested significantly in the provision of modern accommodation, wide ranging facilities, and a range of leasing options. The quality and flexibility of space these buildings provide, coupled with the landlords willingness to offer either conventional FRI or short term leases is exactly what the market is looking for as business adapt to new working models.”
Crown House offers contemporary and affordable office space in the centre of Ipswich with secure access, superfast broadband and an award winning onsite cafe. Contact Alistair Mitchell on 01473 232701 or find out more here.
John Logan comments ‘we are delighted to have brought this prestigious office building to the market. It provides substantial floorplates of up to approximately 40,000 sq. ft. with numerous access points, which allows for very flexible office accommodation to suit occupier requirements. Considering the convenient access from Parkway, the excellent car parking provision on offer and proximity to Chelmsford train station, we expect Eastwood House to prove a very attractive proposition for occupiers.’
In Chelmsford, Eastwood House has also just been brought to the market, which comprises just shy of 125,000 sq. ft of high quality office space to let. Please contact John Logan or James Wright on 01245 261226 or find out more here.
We are keen to understand your requirements and assist your business achieve its objectives and if you would like to discuss your office requirements please do contact our agency teams in Chelmsford, Colchester or Ipswich.