A leading independent property firm has published a report with five towns to watch out for if you are a developer.

According to a survey published by Knight Frank, Watford is one of five towns outside London to keep an eye on for new office development opportunities.

The M25 Report, says Watford’s market has areas which are more than 15-years-old where new developments have “all but stopped”.

Other “key markets” include Heathrow, Woking, Croydon, Uxbridge and Farnborough.

The estate agent said the five towns have more than 90% of stock which is pre-2003.

Emma Goodford, head of National Offices, Knight Frank, said: “The quality of the workplace is affected by age and with stock in the M25 centres now showing signs of obsolescence, there is a case for selective new development. 

“We have seen the recent completion of the speculative development wave, which started in 2016. From mid-2018 supply will peak and then reduce.”

Ms Goodford said that age is not a strong enough factor to encourage new development and that “sustained rental growth” was also key for investment.

She said: “Today’s occupiers are not attracted to old space and new development is needed to ensure that the market does not stagnate and continues to attract new tenants.”

Knight Frank said Watford had a “Grade A” supply of property opportunities and recent regeneration in the town had strengthened its overall appeal. 

For more information visit knightfrank.com