Leicester has seen an increase in office market activity with the number of transactions in Q1 surpassing every quarterly total seen in 2013. Although Q1 take-up (73,000 sq ft) was actually lower than Q4 2013 (103,000 sq ft), the increase in activity (27 transactions) is significant. 85% of these transactions were below 5,000 sq ft, with the remaining over 5,000 sq ft largely in the out of town market. For a breakdown of Leicester take-up, click here.
Nottingham recorded 82,681 sq ft of take-up during Q1, representing a dip on the quarterly average (115,000 sq ft) and reflecting the limited amount of quality office stock available. Take-up was split evenly between the city centre and out of town markets both in terms of the number of deals and total floor area. Based on deals now in solicitor’s hands, Q2 should see Nottingham take-up back on track and in-line with average half-year figures (230,000 sq ft). For a breakdown of Nottingham take-up, click here.
Q1 take-up for Derby (25,819 sq ft) also fell below the quarterly average of 37,500 sq ft which, again, reflects the absence of quality stock available - particularly in the Pride Park area of the city where many occupier requirements are typically focused. For a breakdown of Derby take-up, click here.