Prime rent market uptake increases in Sheffield

Office design news from Morgan Lovell

Published on 10-02-2012

The uptake of Sheffield offices increased by almost half during the final quarter of 2011 - despite there being no new office construction developments.

Rob Darrington, of property consultants Lambert Smith Hampton, said 90,357sq ft of space was let out between the start of October and end of November, compared to 45,118sq ft during the last quarter of 2010.

More than half of the space was taken up by Sheffield internet provider PlusNet, as it moved into The Balance on Trippet Lane, taking up 53,000sq ft.

Take-up for 2011 went up from 238,054sq ft to 350,410sq ft.

"It’s encouraging to see that occupier take-up has risen to an all-time five-year high, despite the prevailing economic conditions, lack of grade A office space and new build development in both Leeds and Sheffield," said Mr Darrington.

The prime rents rate in the middle of Sheffield was £20 per square foot in the final quarter of 2011.

Copyright Press Association 2012