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News - 03/08/2016

Nottingham office take-up increases by two thirds in Q2

Phil Quiggin, director of agency at LSH Nottingham said: “Following a relatively slow start to the year, office take-up is back on track to meet the annual average for 2016.

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“However, in relation to total office availability in city centre and out-of-town locations, less than 10% of it is Grade A office space. This means that many occupier requirements cannot be satisfied due to their occupational needs for premium accommodation.”

LSH’s analysis shows that across the city centre and out-of-town markets, 128,000 sq ft of office space was let in April to June 2016.

The largest deal of the period was the 19,000 sq ft letting to law firm Eversheds at the newly refurbished Water Court building in Nottingham city centre, where LSH represented the owners, Marlborough Property Co Ltd.

Other significant lettings include Nottingham Trent University’s 13,000 sq ft letting at City Gate and community regeneration and housing specialist Keepmoat, which took just under 10,000 sq ft of space at Nottingham Business Park.

The lack of Grade A space is pushing up rents for refurbished and good quality second-hand accommodation, with £18 per sq ft being achieved.

Despite uncertainty in some quarters following the EU referendum vote to leave the EU, Nottingham is still very much open for business, said Phil.

“We’ve seen a small number of occupiers start to review occupational needs, however for the majority, it is business as usual,” he added.