Sheffield Office Space Set for Strong 2011
The continued uptake of office space across Sheffield during 2010 has raised expectations of a strong opening six months during 2011, with commercial property firm Knight Frank forecasting an uptake of over 80,000 sq. ft. between January and June of this year.
In addition the expected rise in office space take-up, the property firm also reports that record office rents were recorded in Sheffield City Centre during 2010 ΓÇô positioning it as one of only three regional city markets to show an overall increase in headline office rents during 2010.
As with many regional cities however, the lack of new office developments is raised as an ongoing concern. Despite the completion of a new city centre office development during 2010, Sheer ChallengeΓÇÖs Crown House, the level of grade A office space available in Sheffield has reduced by 20% overall. The supply of which could come under increasing pressure if the increased uptake predicted by Knight Frank comes to fruition.
The Serviced Office Perspective
Across the cityΓÇÖs serviced office market, which will be explored in further detail next month when officebroker.com publishes it new City Focus report series, the price of office space averaged ┬ú205.00 per workstation per month during 2010. This compared favorably to the regional average across Yorkshire & Humberside during 2010 which was recorded at ┬ú154.00 per workstation.
Evidence of the increased take-up predicted by Knight Frank may also have been seen to have filtered into the serviced office market, with average workstation requirements in the opening two months of 2011 being recorded at 5.5 workstations ΓÇô an increase of 2.5 workstations per client on the average of 3 workstations recorded during the same 2 month period of 2010.
To learn more about the serviced office market across Yorkshire & Humberside, visit the Stats & facts section of the officebroker.com website or download the Serviced Office Review: Yorkshire & Humberside Q4 2010.
*All serviced office data sourced from officebroker.com