Plays an important role in providing the space needed to enable the BVI financial service sector to grow and prosper. It also provides much needed accommodation for Government and statutory bodies.
In the last 15 years, local landlords have added over 500,000 square feet of new office space to the Road Town market, including 440,000 square feet in operation and 63,000 square feet currently under construction. The financial service sector companies and other private sector tenants, including law firms and accounting practices occupy approximately two thirds of all new office space in Road Town. Government and Government agencies occupy the remaining one third.
Buildings have increased in sophistication over this period, with changes in floor size, layout, services, and their capability to withstand natural disasters. As the market has grown, parking has become an increasingly important factor for tenants. Some of the newest buildings now meet the full parking requirements for Tenants. These include Waters Edge on Wickhams Cay II (now under construction and leasing) and Ritter House (built in 2011), one of the premier office addresses in Road Town.
Office buildings were put through their paces during Hurricane Irma and Maria in September 2017. The best of them survived almost unscathed proving the advantage of professional engineering design and robust construction. The owners of buildings that suffered damage learned from their experience and have rebuilt to higher standards, ready for the next encounter.
The office leasing market was active in the wake of the storms. Almost all this activity was tenants relocating from damaged buildings. The pace of leasing activity slowed 2019 as tenants have settled into new space. In recent years there has been a notable trend towards smaller tenants.