Warrington office market set for growth, says JLL
JLL has released a report on the next wave of growth centres for office demand across the UK, highlighting Warrington among those set for expansion.
The third in JLL's 'The New Geography of Office Demand' series is titled 'Where Next in the UK?' and shows that as demand outstrips supply in London and many of the Big 6 regional markets, occupiers and investors are starting to consider other destinations.
The firm has outlined Warrington's opportunity as one of ten future potential growth centres, alongside towns including Oxford, Nottingham and Reading. According to JLL, its location adjacent to Manchester and Liverpool, the strong performance of the North West region, and the broader sector growth of its larger occupiers, particularly in the nuclear sector, gives Warrington a strong economic outlook.
Richard Wharton, office agency director at JLL in the North West, said: "Warrington is in an excellent position to continue its growth. Last year the town achieved its best ever year for investor take-up, its second best year for deals in the industrial market, and third for offices. In terms of residential development, Warrington is the eighth fastest growing town and is the third best rated location in the UK for expanding businesses over the last 17 years, after London and Aberdeen, when ranked by proportional growth.
"Warrington is already attracting significant occupier interest on some scale, driven by schemes like Miller Development's Omega scheme, Muse's Bridge Street – anchored by the Council – and Birchwood Park, recently purchased by Patrizia, which is a national hub for the nuclear supply chain. The Stadium Quarter is also bringing forward a range of new incubator units for small businesses – perfect for the engineering and technology sectors given their close proximity to Birchwood Park.
"The situation has now readied the town for a new wave of development activity to come forward, enabling it to further capitalise on the wider urbanisation story we're seeing across the UK – with skilled jobs and businesses gravitating towards these economic growth zones."
