VIDEO: The BBC’s move to Cardiff city centre has sparked a rush of tenants for the city centre market, as developers cash in on the Welsh capital’s rise.
Speaking to EG, BBC Wales relocation programme director Alun Jones said: “The BBC going somewhere does attract others and us moving to Central Square is going to be a real incentive, and we understand there has been a lot of interest now we’ve gone.”
The broadcasting giant picked Rightacres Central Square site for its 150,000 sq ft headquarters in June, in one of Cardiff’s hottest deals of the year.
Jones said key for the BBC Wales’ move was value for money and getting closer to its audience and Rightacres responded to that brief both in terms of design and location.
The move has switched on the Welsh capital’s office market, which saw take-up double in the first half of the year. Developers keen to capitalise have piled in with the city’s office applications up 38% in the year to the end of June, against a 6% drop in office applications UK-wide, according to figures from EGi’s Planning Research.
Rental growth may now follow, says Graham Shone, EGi Research’s data analyst: “Only Liverpool and Aberdeen had a higher percentage rise in take up in H1 2014, and that coupled with some new developments such as 1 Capital Square and 1 Capital Quarter could help increase headline rents, jumping from a steady point of £22 per sq ft to £24 per sq ft,” he said.
• Watch the interview with Alun Jones and our analysis of the Cardiff office market below.
nadia.elghamry@estatesgazette.com
chris.berkin@estatesgazette.com
