Total occupier take-up across Sheffield’s city centre and out-of-town office markets reached 469,525 sq ft in 2015; the highest annual take-up since before the recession.
In the final quarter specifically, occupier take-up totalled 89,488 sq ft; a similar level to that recorded in Q4 2014 (83,032 sq ft), with activity evenly split between the city centre and out-of-town markets, at 44,363 sq ft and 45,125 sq ft respectively.
Of the 18 deals transacted, 14 were for space under 5,000 sq ft with an average deal size of 4,972 sq ft, reflecting the continuing churn within the SME sector. Activity was boosted by the University of Sheffield's acquisition of Cathedral Court in the Heart of the City. This was a common theme throughout the year, with both the University of Sheffield and Sheffield Hallam University accounting for 35% of the total annual take-up.
We expect activity to continue at a similar level to 2015 as confidence returns and good quality stock is filtered through to the market.