Q1 2015 take-up for the combined Sheffield City Centre and out of town office markets was 115,677 sq ft – almost four times the Q1 2014 figure of 30,367 sq ft.
Both of the city’s universities continue to be active developers and occupiers in the market, contributing towards the Q1 2015 city centre take-up figure of 104,511 sq ft. While this is an impressive result and a great start to the year, it is worth noting that, at 65,500 sq ft, The University of Sheffield’s acquisition of V2 at Velocity accounted for almost two thirds of this figure.
Out of town, activity remained slow with Q1 2015 take-up standing at 11,166 sq ft - a 50% decrease on the Q1 2014 total of 21,967 sq ft.
The average transaction size across both city centre and out of town markets for Q1 2015 was approximately 8,900 sq ft, with over 75% of activity for office space in the sub-10,000 sq ft size bracket. However, the key point to note is that, excluding The University of Sheffield deal, over 90% of the total take-up was for secondary accommodation, with no Grade A deals taking place in the city centre.