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July 13, 2012

Surrey offices going vacant – local business leaders worry

Filed under: News — Tags: , , , — Office Space @ 6:00 am

With large swathes of office space in Surrey going vacant, local business leaders have voiced their concern in an effort to find a way to revitalise the economy within the region.

The manager of a local shopping centre, Andy Nash, was interviewed by the local Mirror, stating that the economic climate has been feeding a ‘vicious circle,’ as cutbacks to local businesses mean more vacant commercial office space, which then leads to less cash coming back into the community through spending. The more this cycle continues, the less attractive it becomes to live in such an area, and Mr Nash fears that unless something is done soon to stem the tide, the region may begin to slide into obscurity.

Local commercial premises experts agree with the shopping centre manager’s assessment, remarking that when office space rental figures plummet, the economic impact to Surrey could be quite serious. The lack of modern offices in town centres was cited as a major reason for businesses to relocate, as the needs of the modern company have evolved away from the more pastoral second-storey office above the corner shop and towards air conditioned, open plan team offices with lift access for disable clients and updated amenities.

Landlords have been trying to make these older-style offices as attractive as possible by slashing rental prices, but this has had little effect on the mass exodus to more modern offices in larger city centres. Instead, experts say that the next step may very well be to refurbish these offices for residential use in an attempt to attract younger Brits to live in town centre flats instead.

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