Guildford, Woking & Weybridge

It all looked so positive for the South West M25 towns of Guildford, Woking and Weybridge at the end of Q1 2020. Take-up in Q1 was strong with over 87,000 sq ft transacted and some significant space either under offer or close to agreeing terms especially in Guildford and Woking. However, as the effects of the measures used to combat the pandemic came into effect, a number of deals were delayed, with Surrey County Council’s (60,000 sq ft) move to Midas in Woking town centre an early casualty. Weybridge after a solid 2019 had an exceptionally quiet 2020 with no significant occupational transactions taking place.

The second largest transaction of the year took place in Woking, DWP took a flexible lease on the whole of 6 Church Street West totalling 28,000 sq ft facilitated by the surrender of Allianz’s lease on the 1st and 2nd floors. Woking had a good year despite losing Surrey County Council as an occupier, who went onto acquire the former Cannon HQ in Reigate.

Supply overall reduced in Guildford with further office stock being lost to alternative uses. Liongate and Gateway Guildford both went to residential, Riverworks was sold to an educational user. In Weybridge, after several abortive attempts, Buildings A and B at St George’s Business Park totalling 35,682 sq ft were also sold to a residential investor.

Take up in Q4 was the second highest quarter recorded during the year with just under 63,320 sq ft recorded taking the year end figure to 181,600 sq ft but still 47.6% below the 5 year annual average.

Q4 TAKE-UP

Town Centre

47,210 sq ft

Out of Town

16,110 sq ft

Grade A: 18,810 sq ft

Grade B: 35,360 sq ft

ANNUAL TAKE-UP

GUILDFORD, WOKING & WEYBRIDGE VACANCY RATES Q4 2020

8.6% 13.6%

HEADLINE RENT

Town Centre

£36.00 per sq ft

Out of Town

£36.00 per sq ft

KEY SECTOR ACTIVITY

Government

28,000 sq ft (40.8%)

Engineering

12,650 sq ft (18.4%)

Finance

8,250 sq ft (12.0%)

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