The Cardiff office market had a disappointing first quarter, with Q1 take-up of 45,153 sq ft - 42% down on the previous quarter and 59% down on a year ago. This Q1 figure is the lowest quarterly total since Q1 2009.
Q1 headline rents were unchanged at £22.00 per sq ft (Cardiff Bay) and £21.00 per sq ft (city centre) and have remained at this level since Q1 2012. Net effective rents showed some signs of improvement and have increased marginally to £17.00 per sq ft.
The most significant transaction in Q1 was the Hugh James letting at Hodge House in the city centre. The legal firm took an additional 19,383 sq ft bringing their total occupation in the building to 69,000 sq ft.
Source : Knight Frank