Supply levels remained stable over the first quarter, with availability of grade A stock currently standing at 276,000 sq ft – the majority of which is in the city centre (63%).
Building work at 3 St Paul’s Place - the first speculative office development in Sheffield since the recession - is due to start imminently, which will inject a further 84,000 sq ft of grade A space into the market.
Conversely, obsolete office space continues to be subject to change of use applications for residential and student accommodation, which could take a large percentage of available space away from the market. A recent example is the 1970s-built Telephone House, which was purchased by developer Vita to be converted into 347 ‘high-standard’ apartments.
For a breakdown of office availability, please click here or on Chart 2 to the left of this article.