Office take-up doubles in Cardiff in first half of 2014

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OFFICE space take-up rates have almost doubled in Cardiff in the the first half of the year, according to new research.

A report by Savills says that take up in 2014 H1 was 250,000 sq ft (23,225 sq m), compared with 129,000 sq ft (11,984 sq m) in the same period last year.

The Welsh capital has also seen the return of large office days, says the property firm, with three transactions over 25,000 sq ft this year so far, including IBO taking 48,500 sq ft at Cardiff Gate and Public Health Wales taking 39,500 sq ft at Companies House.

Gary Carver, director of office agency at Savills Cardiff, commented: “We have seen a marked improvement in market sentiment in the Cardiff office market, which is reflected in the latest take-up figures. In addition, there are several active requirements over 20,000 sq ft including Legal and General, Geldards, PWC and Blake Morgan which, if they transpire, will further boost the take-up figure.

“Furthermore, with the 150,000 sq ft BBC deal likely to sign mid-2015, we expect the end of year take-up to reach circa 500,000 sq ft, 69% up on last year’s figures.”

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