Rise in Demand for Cheaper Space in Central Sheffield
Following the release of round two of officebroker.com’s City Focus series, which highlights the performance of seven major UK cities on a quarterly basis, it has emerged that Sheffield has experienced a surge in demand and take-up for serviced space in Q2 2011 in comparison to Q2 2010.
In Q2 2011, officebroker.com’s stats show that enquiry levels in Central Sheffield were 11% higher when compared to the same period of 2010. Year-to-date (YTD) enquiry figures also look positive – coming in 14% higher in the opening 6 months of 2011 when compared to the same period of 2010.
According to officebroker.com’s placement figures, new tenant levels across Central Sheffield were a massive 167% higher in the second quarter of 2011 compared to the second quarter of 2010, while the YTD stats were higher still – showing an increase of 200% in the opening 6 months of 2011 compared to 2010.
However the city is by no means untouchable, and suffered some areas of decline. While the average amount of space that was taken-up per new tenant across Central Sheffield increased, rising from 2.3 workstations in Q2 10 to 3.3 in Q2 11, the YTD figure showed a decrease from 5.2 workstations in 2010 to 3.7 in 2011.
Average price per workstation (per person) also suffered a setback, dropping from ┬ú198.00 in Q2 10 to an average of ┬ú144.00 in Q2 11, a decrease of ┬ú54.00 (27%) overall.
Despite this, the city is holding up in a number of areas and seems to be successfully building on its enquiry levels, which are showing a strong conversion rate.
Naturally this could be helped along by a more favourable workstation price for clients; similarly clients seem to be taking advantage of this rate by signing for significant license lengths. In Q2 2011 the average license length in Central Sheffield was 11 months, which is considerably higher than the 8.5-month average recorded throughout the wider Yorkshire & Humberside region, and the 9-month average recorded across the UK.
Read more about Central Sheffield Q2 2011 here.
For more details of the Serviced Office Review and City Focus series, which utilises information from officebroker.com’s data banks surrounding enquiry level trends, office space take up, average cost per person and duration of licence length, visit our Stats & Facts page.