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A Look Back

Croydon Council declaring effective bankruptcy for the third time in two years has not helped public or business confidence in the locality. Little has changed in Croydon over the past 12 months in terms of its fundamentals - a superb transport network (15 minutes to London Gatwick Airport, London Bridge and London Victoria) and vibrant local amenities remain, including the nationally recognisable (queue footage of any England football goal celebrations) Boxpark Croydon.

Take-up in Croydon in 2022 was on par with 2021 鈥� c. 50,000 sq ft with a scattering of lettings across multiple buildings. Highlights included the London Ambulance Service taking 12,000 sq ft at Southern House and the Janes Defence and Natwest lettings at CEG's 69 Park Lane, which were notable for the headline rent achieved - £36.00 and £40.00, respectively.

A Look Forward

Despite the chaos at the Council, there is room for optimism concerning the Croydon office market in 2023. We will see the completion of the much anticipated (and needed) 28 Dingwall, which will deliver almost 50,000 sq ft of prime, Grade A office space close to East Croydon Station.

There is a healthy level of named demand within the market - at least 80,000 sq ft under negotiation at the time of writing (April 2023) - which should see some established professional services firms commit to the limited Grade A availability. Assuming these lettings transact, it will create a better supply and demand dynamic for schemes like 28 Dingwall to cement £40.00 per sq ft as the new benchmark headline rent for prime offices.