Market snapshot

Market Snapshot East Midlands Q4 2015


Take up for the final quarter in 2015 was 87000sf – an increase on Q4 2014. The total take up figure for 2015 reached c483000sf which is considered a strong performance in light of current stock constraints.

Q4 has seen the completion of the long awaited award winning, inward investment deal to multinational technology company IBM. The new facility is due to create 300 new jobs for the city during 2016 and reinforces the New Walk area as a key office destination close to the new Welford Place development which has attracted Mattioli Woods back to the city centre.

Availability is at a marginal decrease from Q4 with poorer quality Grade B/C accommodation accounting for 92% of total stock. There is evidence of increased occupier interest in design and build scenarios due to the limited availability of appropriate Grade A space with the remaining serviced plots at Grove Park J21 likely to be fully committed during early 2016.


Derby’s office take up totalled 60,414 sq ft in Q4 2015, broadly in line with the quarterly average for the city. Q4 also represented exactly 25% of the year’s total take up. In terms of the numbers of transactions, 75% were in the city centre, and only a slightly smaller proportion represented total floor space transacted. The largest transaction was a relatively modest 12,000 sq ft letting to Signalling Solutions Limited at Pentagan House to the north of the city centre.

Availability in Derby at the end of 2015 totals 551,000 sq ft and has reduced by just under 8% since the end of Q3 2015. An acute shortage of Grade A space exists with only 6% of total supply representing the best space.


Nottingham achieved its best quarter take-up in over 3 years with 198,027 sq ft transacted in the final three months of 2015. 70% of transactions, both in terms of floor space and number of deals, took place in the out of town market. The largest in Q4 and all of 2015 being the letting of the former Experian offices at Riverside Park to the Ministry of Justice. This comprised two floors in Embankment House and totalled 41,500 sq ft.

Elsewhere major lettings were achieved at Sherwood Park to Highways England and Byron House in Nottingham city centre to Nottinghamshire Police.

Availability dropped marginally to 1.628m sq ft by the end of 2015 with the majority of supply continuing to comprise Grade B/C accommodation. Only 10% of supply consists of Grade A offices. Notable contributors to supply during Q4 include Canalside House and Cumberland Place, both former RBS/NatWest premises in Nottingham city centr

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