The Welsh capital has been subject to a great number of office development schemes over the last couple of years, breaking the record of office take-up in 2016.
Central Square is currently one of the major development sites in the city. In late 2015, the BBC confirmed that it would relocate its headquarters in Wales there, and law firm Hugh James has already taken 100,000 square foot of the space available at 2 Central Square. Cardiff University also confirmed it'd relocate its journalism school into 45,000 square foot at 2 Central Square, taking advantage of its proximity to the new BBC HQ. These buildings will be alongside the already completed 1 Central Square, which is occupied by MotoNovo Finance, as well as law firm Blake Morgan.
There's also been progress with a master-plan for a mixed-use redevelopment of Brains Brewery, which will be known as Central Quay, and will be split between office and residential space with additional restaurants and bars in the area.
JR Smart is also developing Capital Quarter, which will ultimately comprise four office buildings, of which the Welsh Government bought the first. When completed, the fourth and last building to be developed at Capital Quarter will be the largest development on the site, bringing even more demand for office space.
'At Capital, we have created a collaborative environment that supports our colleagues and allows them to be innovative.
Light open spaces, freshly prepared food onsite, weekly yoga class and sports massage are some of the things we provide [to ensure this]'.
Despite the uptake in office space, there is some concern that supply will not keep up with demand, with some office space also being lost. The former offices of law firm Blake Morgan at Bradley Court and 11 Park Place have been bought for £6 million by Select Property Group, who are expected to demolish and redevelop the building to make way for student accommodation under their Vita Student brand.
There's plenty of demand for the new space coming from these development schemes. There could be further record-breaking take-ups, but will developers be able to keep up with this unprecedented demand for office space in the city?
Central Square has been at the centre of the Cardiff success story. Now, the Government Property Unit (GPU) is expected to take a pre-let on 300,000 sq ft at 3 Central Square in a deal that could lead to another record year in terms of office take-up for the city - if, that is, there is sufficient space left to satisfy rapidly growing demand. The problem is that there is not.