Take up of office space in Croydon more than doubled in 2021, according to SHW’s latest Office Focus report.

Take up reached 95,300 sq ft last year, with a quoting rent of £38.50 in 2021, higher than nearby Bromley and Epsom, with rents remaining static at £34 per sq ft.

Vacancy is at 13.06% – but with availability at 470,000 sq ft and total demand last year logged at 2.3million, SHW expects to see some competition for space this year.

Alex Gale, SHW’s Partner and Head of Surrey, South London & Kent Business Space, said: “It’s clear there is still a need for office space to encourage more staff interaction and to boost motivation and wellbeing, however most companies are now embracing some form of home working, allowing for a better work-life balance for staff and, also, reducing overall occupational costs whilst maintaining productivity. We are seeing that most companies want staff to return to the office to some degree, with between 20-60% homeworking being the norm going forward.

“The future of the office is far from dead as Zoom and Teams are no substitute for physical social interaction, but with companies requiring less office space per head employed, firms are looking at ‘flight to quality’ in order to provide the best accommodation affordable for their staff. As a result, we are optimistic that there will be a healthy level of take up during 2022 as companies look to reduce space occupied and upgrade their office space.

“Despite the increase in working from home, long-sighted investors seeing the advantage of office occupation and the versatility of the buildings re still keen to acquire assets in this sector.”