Office Space occupancy levels in Brighton have peaked with many Serviced and Conventional properties now in 100% use. According to recent reports in Business Magazine Property Week this is due to a combination of causes. Rising rent levels, it is suggested, are linked directly to the lack of, and constrictions upon, speculative developments, which are suffering from tight, council-enforced planning restrictions. The quality of accommodation in the area has also been blamed, with many properties appearing to be aged and in poor condition. The lack of accommodation is proving to be a frustration for a number of high-profile companies looking to move to the area and Brighton would seem to be suffering from a particularly bad case of supply and demand imbalance.
Meanwhile, ten miles to the West, office space in Worthing is going spare with the area conversely suffering from its lowest occupancy levels in years. To make matters worse one of its larger occupiers, Norwich Union, has recently announced that, in line with planned company redundancies, is leaving the town for good. However it is not all doom and gloom for Worthing where a £150 m Gateway project is on the way to be located near the train station. And although it could be argued, with some resolve, that the town is currently suffering from a somewhat old-fashioned image, the new high-profile “Teville Gate” development (details of which can be viewed at Worthing County Council’s Website), with its substantial residential and leisure complex, will give a real modern-living boost to the area.
With 100% office occupancy levels currently vexing companies searching for accommodation in Brighton, could Worthing be set to become first in line as a very real alternative for business occupation? Considering Worthing’s profile as one of the largest towns in West Sussex with a population of over 100,000 as well as its location within a relatively affluent catchment area, Easy Offices feels that speculations of an increased developer and investor interest in the town in the near future may not prove unfounded.