Market Insight

Woking: Surrey’s office hotspot for 2023

Woking has historically been second in line to the Surrey office market throne behind the attractive cathedral city of Guildford.
January 16, 2023

But 2023 could see an office market renaissance in the town, as town centre regeneration and the prevalence of quality office space, together with attractive rents and transport connectivity, attract businesses back into this increasingly vibrant town centre?

Over the last five years, we’ve seen Woking Borough Council invest significantly in the regeneration of the city centre – from public realm works to significant investment in its retail offer at Victoria Square.

Now, more than ever, we need to see our local authorities create a compelling proposition to revive our town centres – particularly after the pandemic – to increase footfall and create a sense of purpose, community and give an experience-led and vibrant core once more.

Woking Borough Council is leading the charge and has succeeded in creating a vibrant and attractive town centre boasting a compelling retail proposition made up of both independent and high street brands, as well as a unique street food offering.

The much-anticipated retail, residential and leisure destination at Victoria Square opened in March 2022 and has transformed the western quarter of Woking with a range of residential, leisure and retail buildings, as well as a 47,000 sq ft performing arts facility for Italia Conti Performing Arts Academy which has brought more than 600 students and staff to the town centre.

Together with the town’s access to London via the rail network, as well as its close proximity to the M3 and M25, not to mention the access it has to talent from the University of Surrey which was recently shortlisted as University of the Year in The Times Good University Guide, the town has a lot going for it.

As a result, we’ve seen more and more businesses choose to locate in Woking, to take advantage of the range of amenities and retail provision on offer here, as well as its competitive office rents. Companies including IDBS, Verint, BOC, Cignpost Diagnostics, Kent & Co have all acquired offices having relocated into Woking town centre from surrounding office markets.

Indeed, Woking town centre has seen much more office activity than out of town business parks and secondary locations, following investment in its office accommodation with the likes of the Forge End buildings including Goldsworth Place undergoing quality refurbishment, as well as Dukes Court and Midas House.

What’s available?

The town centre boasts a good range of office accommodation to meet a variety of occupier needs.

The majority of category A+ space can be found at the likes of Forge and Space – both of which offer a fantastic range of office accommodation and ESG credentials, where you can expect to pay anything into the mid £30s psf.

Following investment by forward-looking owners, Woking Borough Council, at Dukes Court you will find a range of quality office space, including a new café and restaurant outside the front of the building, a green living wall and recently refurbished common parts and reception area, as well as a recently resurfaced all-weather multi-purpose pitch for use by occupiers

Located within a 5-minute walk of the town centre close to Victoria Place and the Victoria Square development, Midas House also provides a good range of office space from 3,000-38,000 sq ft  with excellent city centre parking provision in a building which has undergone significant refurbishment, raising the building’s EPC level to a B.

Both Dukes Court and Midas House are good examples of office stock at sub-prime levels, where you can expect to pay between £25.00-£30.00 psf, whilst still providing a quality office environment for employees, boasting ESG credentials and additional amenities.

At Dukes Court, which spans 224,000 sq ft across several floors, Block E has just been refurbished to bring 32,695 sq ft of office space to the Woking market in 2023.

Finally, Export House, located above Victoria Place right in the middle of the redeveloped Victoria Square , has received a lot of investment, with office accommodation ranging from 3,000-45,000 sq ft available over seven floors which can be let as a whole or on a floor by floor basis.

What does the future hold?

As footfall continues to increase in Woking following the regeneration of the town centre by Woking Borough Council, this, together with its rental competitiveness, will likely attract more office occupiers in 2023, seeking value for money at a time of increasingly tight property purse strings.

Given that the town has a good range of exciting, quality office space to offer for those occupiers looking to right-size their premises and attract people back into the workplace, 2023 could see Woking ascend to the Surrey office market throne.

For more information about office availability or to find the right premises for you, contact our Surrey office agency team.