The office stock in Hertfordshire has seen significant growth within the last several years. Continous demand and reducing levels of supply have created an extremely competitive market, pushing rental prices up to 30% and making it unendurable for many occupiers in the long-term. The highest fees were seen in St Albans(GBP35-50 per sq.ft.per year), Watford, Hemel Hempstead, Hatfield and Welwyn Garden City followed the list. Brexit and other factors of international significance have had their impact on the office market in Hertfordshire. Potential occupiers are looking for more flexible office space arrangements; longer-term deals are becoming less suitable. Thus, the service office sector grew significantly in Hertfordshire, responding to demands for office space less than 5000 sq.ft. Currently, the vacancy rate stays at a low level, which means that options available for rent are limited. Hertfordshire has faced minimal office development within the last ten years. Still, with rents continuing to go higher, commercial real estate experts predict new investments put in the growth of the market. It will widen a choice for prospective tenants. Some of the high-quality projects which have recently taken place in Hertfordshire include office space construction in the Croxley Business Park and refurbishment process in the Kings Langley area. These regions experienced record rental levels. The geographical location of the county plays not the last role in making entrepreneurs and firms looking for office space there. Hertfordshire boasts direct road and rail links to London, offering comfortable and quick commuting.
