Following a strong start to the year, the Leicester office market has gone from strength to strength with a record number of 32 transactions, totalling 286,000 sq ft take-up for Q2. This figure is, however, skewed by the sale of St George’s Central (170,000 sq ft), but this aside, take-up still reaches 116,000 sq ft. This is by far the highest single quarterly total since the start of the economic downturn.
Leicester saw a fairly even spread of transactions in Q2 with 44% in the city centre and 56% out of town. Larger transactions have also emerged with 12 between 5,000 and 10,000 sq ft. For a breakdown of Leicester take-up, click here.
Nottingham recorded 132,000 sq ft of office take-up during Q2, representing a 60% increase from Q1 and bringing take-up for the year-to-date back in line with the year-on-year average. Take-up was split 60/40 in favour of out of town in terms of total floor area; the largest transaction being Babcock’s relocation on Sherwood Park (18,000 sq ft). For a breakdown of Nottingham take-up, click here.
Q2 take-up for Derby was 68,600 sq ft; another marked increase on Q1 and well above the quarterly average of 37,500 sq ft, despite the absence of available quality stock. With deals at Pride Park accounting for the vast majority of take-up, availability is now below 4%; its lowest level since development started on the park over 15 years ago. For a breakdown of Derby take-up, click here.