FIRMS from around the world are looking to relocate to Guernsey, according to a leading commercial property specialist.

Jo Watts (pictured), managing director of Jones Watts, said there was a good demand for quality office accommodation, but limited supply was proving to be a stumbling block.

‘We’ve seen some individual companies slim down because they are expanding in other jurisdictions, but I would say there’s more growth than contraction in the office market.

‘Confidence is picking up in the market and we’re seeing enquiries from firms looking to relocate to Guernsey from other jurisdictions, including Gibraltar, Cayman and Bermuda.’

This interest was coming from across the board, including fiduciary, accountancy and private equity firms.

However, with few new developments expected, Miss Watts told this month’s Business Brief that landlords and developers were able to hold out for good rents, with the 60,000sq. ft Royal Chambers, which was opened officially on 11 March, achieving a record of £50 per sq. ft.

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