Office take-up in Nottingham has rocketed by 110% on the same period last year, the Nottingham Office Agents Forum has revealed.
The first half of 2014 shows a significant increase in deals done when compared to the same period in 2013, as the city described by Governor of the Bank of England, Mark Carney, as the “bellwether of the UK economy” continues to strengthen its economic position.
The research also showed a significant increase in office investment deals. In H1 2014, over 315,000 sq ft of investment deals were transacted, compared to 285,000 sq ft for 2013 overall. The largest deal so far this year was the purchase of 1 and 2 Newstead Court at Sherwood Park.
Occupier take up totalled over 150,000 sq ft in the first half of the year across the city centre and out of town business areas in and around Nottingham. Key deals included Baker Tilly taking 12,700 sq ft at City Gate House, in the city centre and 18,000 sq ft let at Lakeview on Sherwood Business Park by Babcock.
Experts see the news, taken alongside other recent positive headlines about record numbers of business creation and financing available in the city, to be indicative of an upswing in the Nottingham’s economic fortunes.
Chris Sinclair, of the Nottingham Office Agents Forum, commented: “It is encouraging to see activity up for the first half of 2014 as confidence levels seem to be picking up in Nottingham. The level of demand shows that Nottingham continues to be a key location for businesses to be based in and with the range of transport infrastructure projects to be completed during 2014 and early 2015, we hope this trend will continue.”
“The City has benefitted from the weight of Institutional Investment funds such as CCLA returning to the regional market seeking to acquire quality investment stock at reasonable value compared to London and the south east, we anticipate this trend will continue throughout 2014 with yields hardening as a result”
The Nottingham Office Agents Forum brings together the city’s commercial property professionals, planning and development experts and a number of specialist consultancies. The aim of the forum is to create a definitive voice to investors, developers and occupiers about the Nottingham office market.
This year will be the fifth review of the city’s office landscape, with the annual findings due to be presented in early 2015.
Neil Hartley, also of the Nottingham Office Agents Forum, commented: “The Nottingham Commercial Office Market Review is a heavyweight report which builds on the work that the forum has been doing for a number of years now to create a single voice for the property market in Nottingham. It represents a detailed, high-quality marketing tool which we can all use to promote the city and help to attract more occupiers and investors to this great location.”
