According to the Stiles Harold Williams autumn review of the Sussex office market it seems likely that 2003 will show a low take up of office space in Brighton & Hove even though there is space returning to the market.
The report highlights that office rents are remaining static with supply of Grade A space commanding £16 to £17/sq ft (p.a.). Landlords may not be reducing rents but they are offering more flexible terms.
New developments in the pipeline include City Park One (overlooking Hove Park), which will provide 77,000 sq ft in summer 2004. Key demand continues to be from owner-occupiers for small freehold office buildings of less than 10,000 sq ft.
The fact that the report measures new developments in the Brighton & Hove area in sq ft (and identifies 648,000 sq feet coming on stream) whereas in the Eastbourne & Worthing and Gatwick & Crawley it is measured in acres (and identifies over half a million) highlights how little space we have in the city for new developments.
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Stiles Harold Williams