Occupier activity across Sheffield remained subdued throughout the second quarter of 2016, with just 34,000 sq ft of office space transacted; giving a H1 total of 76,961 sq ft across both the city centre and out-of-town markets.
In the city centre, take-up reached just 11,500 sq ft comprising just two deals.
In contrast, the out-of-town market showed signs of improvement, transacting 24% more than the previous quarter to reach 40,675 sq ft for the year. This was largely attributable to the high levels of churn within the professional services sector, which accounted for 58% of the deals transacted.
Looking ahead to H2, we expect to see an improvement in the level of take-up across both markets, with approximately 44,400 sq ft of space currently under offer and further active requirements in the market needing to take occupation during Q3.