A guide to serviced offices, managed offices and office space to rent in Exeter, as well as general information that may be useful if you are thinking of renting office space in the city.
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History & Geography
Set in the beautiful county of Devon, the city of Exeter is in the southwest of the country on the banks of the River Exe. Exeter lies close to the point where the Exe meets the River Creedy, on a large floodplain and estuary. The highly fertile land nearby, as well as its location near a river, made Exeter a natural location for a settlement, and the area was occupied by the Celts before the Romans founded the city in 50 CE as the most southwesterly fortified settlement in Roman Britain. Under the Romans, the city became a prosperous trading centre and an important strategic location. After the Romans left Britain, Exeter entered a period of decline, and its population shrank.
In the 7th century, the Saxons invaded the area and took Exeter, with many settling in the city alongside the native Britons. Exeter grew again during the ninth and tenth centuries, despite sporadic attacks from the Danes. These attacks resulted in new fortifications being built around the city by King Athelstan in 928 CE.
After the Norman invasion of England, William the Conqueror built Rougemont Castle in Exeter to ensure the town’s inhabitants remained loyal. The city continued to grow and prosper, fuelled by its shipbuilding and wool industries. Devon wool was sold around Europe and the world for enormous profits at that point.
With the arrival of the Industrial Revolution, however, Exeter declined in importance as it was not near any sources of coal or iron. In the mid-19th century, Exeter built its railway station to connect to the Bristol and Exeter Railway and installed gas lamps and paved roads.
During WWII, the city was badly bombed by the Luftwaffe in retaliation for RAF raids on Lubeck in northern Germany. Much of the city centre was destroyed, and many of Exeter’s historic buildings were badly damaged, including its cathedral. The city was rebuilt in the 1950s and has since developed into one of the most important and busiest British cities on the south coast.
Economy
Exeter has been voted one of the top ten most profitable cities in the UK for a business to be based. The three largest employers in the area are the Met Office, which moved to the city in 2004, the University of Exeter, and Devon County Council. Most of the industries in the city are service-based, with its traditional industries of wool and shipbuilding having become nonexistent in the late 20th century.
Indeed, the entire county of Devon has for a long time been one of the poorest on the south coast due to this decline in industry. Furthermore, the foot-and-mouth outbreak in 2001 decimated the local agricultural industry.
However, the attractive landscapes and way of life are gradually attracting more businesses where geographical location is less important particualrly following the events of the early 2020s and the increased implementation of remote teams and flexible and hybrid working.
Also, due to its scenic setting, Exeter has a thriving tourist industry.
Tourism
With the arrival of the railways in the 19th century, cities and towns in Devon became popular tourist destinations. Exeter was no exception, and the town still has a strong tourism industry. However, while tourism is an important bulwark of the Exeter economy, it is not as dominant as in certain other cities in the area and employs approximately seven per cent of the workforce. Most visitors come to Exeter for its beautiful setting and warm summer weather. The local coastline and surrounding moors are popular with hikers and campers, and the city’s sedate seaside lifestyle appeals to less active visitors.
Though many of the city’s famous historical buildings were destroyed in WWII, there remains some of interest around the city, including Exeter Cathedral, which dates from the 11th century, and the ruins of Rougemont Castle, dating from the same period. The Northernhay Gardens, located just outside the castle, are also a popular destination for visitors and are the oldest public space in England, created in 1612. Due to it being a university town, Exeter also has an energetic nightlife, which is mostly set around the centre of the city and Exeter Quay.
Transportation
Exeter has excellent transportation links to the rest of the country and Europe. The city is served by Exeter International Airport, located to the east of Exeter, which offers flights to British and Irish regional destinations as well as to the European mainland. Exeter has two railway stations, Exeter St Davids and Exeter Central. The stations provide two main routes to the capital, the fast connection to London Paddington and the slower one to London Waterloo. The city of Exeter itself is served by an extensive bus network, with the main operator being Stagecoach Southwest. The city’s main bus station is on Paris Street.
Office space to rent in Exeter
Immediately following the Great Recession, Grade A office space was fairly limited in Exeter itself, mainly due to a lack of speculative projects around 2008 during the financial crisis.
However, demand was low at that time, which led to a static rental price and an increase in incentives.
In 2013, a fairly large amount of office space was in development in the area, including projects such as Skypark and Exeter Science Park, which are both located outside the city to the east.
In 2013, rents in the city were £18 per square foot in the centre of town and £16.50 per square foot for out-of-town space.
In 2022, office space take-up was circa 150,000 square feet, and this was boosted by Jurassic Fibre’s acquisition of 21,824 square feet at Milford House, and the letting of 13,096 square feet at Belvedere House to Coaching Focus.
In 2023, prime headline office rent was at £23.50 per square foot and was being quoted at Broadwalk House and Longbrook House.
The majority of office deals in 2023 were sub-5,000 square feet and it was observed that a large number of occupiers in the sub-2000 square feet category were opting for flexible office space and workspace solutions offered by serviced office providers.
In 2023, Exeter office agents believed that due to low supply and few speculative developments in the pipeline, rents would reach £26 per square foot in 2024.
In 2026, office rents in Exeter typically ranged from £15 to 30 per square foot with BREEAM rated buildings providing ESG-considered accommodation through amenities such as EV chargers attracting the higher rents.
Developers were already under a range of pressures in 2026, and the Middle Eastern conflict was likely to create further challenges which would further stifle new projects and likely create further upward pressure on rents.
There are 11 flex space providers in Exeter offering solutions such as private serviced offices on short-term flexible contracts with all-inclusive fixed-cost pricing, managed office suites, fitted offices and corporate coworking desk space membership plans.
These provide their agile business space solutions in 15 buildings in locations including Alphinbrook Road, Barnfield Crescent, Exeter Business Park, Kings Wharf, Marsh Barton, Queen Street, Southernhay Gardens, and Winslade Park.
Profiles of all providers can be seen in this directory.
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