Following a somewhat subdued 2016 in terms of number of transactions, Q1 2017 saw three times the amount of deals completed across Sheffield than the previous quarter, resulting in an impressive 170,000 sq ft of office space being occupied.
While the Professional Services sector accounted for the lion’s share of activity in terms of number of deals, the burgeoning TMT sector saw the largest volume of space taken-up during the quarter – a trend which is currently being witnessed across all of the major Northern Powerhouse cities.
The majority of activity remains focused within the city centre, with refurbished buildings such as St James House in the Cathedral Quarter experiencing a flurry of new lettings.
In contrast to 2016, where the vast majority of deals were sub-5,000 sq ft, Q1 2017 saw a number of larger deals complete, with four transactions in excess of 15,000 sq ft. There are also a good number of larger requirements in the marketplace, suggesting that confidence is returning among the larger corporates.