Construction of Cubex’s Aurora, as part of the wider Finzel’s Reach city centre scheme, is now well underway with completion expected by the end of 2017. Aspire, the other key scheme in the centre, is moving at a slower pace and timescales are now unclear.
There are several comprehensive refurbishment schemes in the city centre due to provide upgraded space by mid 2017, including One Cathedral Square, 21 Prince Street and 40 Queen Square. These refurbishments will bring much needed supply to the market across a range of different suite sizes.
Other buildings such as One Brunswick Square and The Programme are being refurbished to provide ‘quirky’ space, aimed at TMT (technology, media and telecommunications) sector occupiers. This space will provide exposed services and unusual features. Rents for this space remain relatively untested; however, they are expected to be in line with good grade B stock.
Prime rents remain unchanged, and with inactivity in the market and requirements for grade A space being put on hold until the new year, it seems less likely now that rents will break the anticipated £30.00 per sq ft barrier this year.