Office market review 2024: insights into Surrey and North Hampshire’s challenges and opportunities

• Discover the trends shaping the region’s office property market.

The Curchod & Co Office Market Review for 2024 has been published and reveals a year of significant shifts in the office sector across Surrey and North Hampshire, particularly in key towns such as Guildford, Woking, Weybridge, Basingstoke, and those in the Blackwater Valley. Rising rents, constrained supply, and shifting property use are reshaping the market landscape, leaving occupiers navigating a highly competitive environment.

Key findings from the review:

• Market slowdown: Office space take-up in 2024 dropped by 13% compared to 2023, with larger markets like Guildford, Woking, and Weybridge hardest hit.
• Grade A scarcity: Vacancy rates for premium office spaces fell below 5%, but new developments and refurbishments lag behind demand.
• Changing property use: Town centres face stock losses due to residential conversions, while out-of-town offices are increasingly repurposed for industrial use.

Piers Leigh, partner at Curchod & Co: “The 2024 market was a year of two halves. While demand for quality office space remains strong, the lack of new developments and ongoing stock erosion have created a highly constrained market, putting significant pressure on occupiers.”

Want to know more? Explore the full Curchod & Co – Year end market update – 2024 to dive deeper into these findings, including town-specific insights and expert commentary.

BACK TO NEWS