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Cardiff snapshot : Take-up subdued but increase in activity - Q2 2014

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Cardiff snapshot : Take-up subdued but increase in activity - Q2 2014

After a disappointing 2013 total take-up, 2014 has proved to be more active so far. This has not translated to an increase in deals yet - city centre take-up was 46,000 sq ft in Q2, similar to the 42,000 sq ft transacted in Q1. The last several quarters have been dominated by grade B lettings, in part because of the extreme shortage of grade A options in Cardiff city centre. The most noteworthy grade A deal in Q2 was for 15,000 sq ft to Centrica at 3 Callaghan Square.

The BBC recently selected the former bus station site at Capital Square as the location for its new 150,000 sq ft Cardiff HQ. This should be the catalyst for regeneration of the entire area. Developer Rightacres is also speculatively building a 135,000 sq ft grade A scheme next to this site, beginning late July and with an expected completion date of end 2015.

Source : DTZ (Groupe UGL)

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