After a strong start to the year, city centre take-up slowed considerably in Q4, reaching only 19,379 sq ft (Q4 2011: 83,895 sq ft).
The out of town market fared slightly better and remained in line with previous years, recording 9,828 sq ft in Q4 (Q4 2011: 6,462 sq ft).
These results mean that total annual take-up for the Sheffield office market stands at 189,889 sq ft, a fall of 46% against last year’s total (2011: 350,410 sq ft).
While the number of deals remained on par with the same period last year, smaller transactions dominated during Q4 2012, with only one letting in excess of 5,000 sq ft. This is a trend that has been evident throughout the year, with over 85% of City Centre lettings sub-5,000 sq ft.
Looking forward, there are a good number of key requirements for grade A space ranging from 10,000 sq ft to 50,000 sq ft, promising a healthier take-up for 2013.
For a detailed breakdown of take-up by grade, click here or on Chart 1 to the left of this article.