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Take-up of Sheffield office space rockets | 10 December 2013

Sheffield office lease volumes have skyrocketed in 2013, according to new figures.

A study, conducted by BNP Paribas Real Estate, has indicated that more than 192,000 square feet of office space was occupied in Sheffield in the first three quarters of the year. This represents a 19 per cent increase compared with the same period in 2012.

Roughly £21.3 million was invested in Sheffield office space between Q1 and Q3 2013 – a figure not too different from the previous year.

The study, available to view at realestate.bnpparibas.co.uk, summarised the state of all Yorkshire’s commercial property markets, tipping Leeds properties to prosper in 2014 as well.

With roughly 76,000 square feet of prime office space being developed at St. Paul’s Place, optimism surrounding the Yorkshire market is generally high.

However, BNP Paribas Real Estate’s head of Sheffield agency, Guy Cooke remains unconvinced about the future prosperity of the market.

Speaking to property-magazine.eu, he said: “In Sheffield, we predict next year will be a turning point for the market. This year, the market has shown tentative signs of recovery and, with confidence returning, we are seeing take-up on course to outperform 2012.

“However, with the absence of any new completions, we will see availability levels continuing to gradually fall.”

The views expressed in this post are those of the author and are not necessarily those of Qube Global Software. All facts are verified where possible directly by the author.

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Posted by Andrew Smith
+44 (0) 20 7726 3200.
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