The commercial office sector 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.
Office Space Demand in the BVI
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.
High Standards of Commercial Construction in the BVI
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 Space Leasing after Hurricane Irma
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.
Smiths Gore provides office consulting services, which include:
- Assisting existing tenants and prospective commercial tenants, locating to the BVI, to secure space
- Assisting Landlords in leasing available commercial space.
- Advising on market rental rates, service charges and lease terms.
- Preparing financial feasibility analyses for new commercial projects.
- Valuations of new and proposed commercial developments for internal and lending purposes.
Our BVI Real Estate Services
Valuations & Appraisals
Our residential valuations are prepared in a format tailored to suit the requirements of the client. We prepare USPAP and AIC form reports to meet the requirements of all of the banks in the British Virgin Islands. For larger properties we can also prepare narrative reports conforming to the requirements of the RICS Valuation Standards (the ‘Red Book’).
Smiths Gore provides residential management services throughout the British Virgin Islands tailored to suit the requirements of each client, whether the property is leased on a long term basis, offered as a vacation villa or retained for use by the owner.
Smith’s Gore has established strategic partnerships who we work in collaboration with to provide global coverage and niche market expertise. We tailor our solutions to meet our clients need and are delighted to have the ability to work with our partners in this way.
Smiths Gore offers a comprehensive commercial real estate transaction service providing advice on acquisitions and disposals to a variety of clients throughout the Caribbean.