Almost a third of Sheffield office stock is redundant and ripe for redevelopment, according to a study by Knight Frank and Creative Sheffield.
The report which analysed all of Sheffield’s 237 buildings showed 1.7m sq ft or 31% of the city’s office stock was Grade C. Stripping out space already occupied and the amount of redundant stock in the city rises to 37%.
By contrast there is just two years of Grade-A supply available, or 338,000 sq ft, the studyshowed. A fifth of office space is not occupied in 85 buildings, the agent said.
Worst hit is the city’s core with the Cathedral Quarter and the Heart of the City housing over 240, 000 sq ft of empty Grade-C stock alone. The two districts registered the highest average annual take up.
Victoria Quays was in the best shape with just 7% of its available stock Grade C, however it is also the smallest office district.
“The report shows we have a significant amount of poor quality vacant office space, in locations that are no longer desirable for modern office users,” Tim Botrill, Knight Frank partner.
“It shows the city still needs to develop high quality Grade-A product in the core city centre, where the demand is unmet,” he added.
Creative Sheffield said findings from the report will now be fed into the City Centre Masterplan.
Click on the map below to zoom into the city. The map below shows the areas worst hit by Grade-C stock. Size of bubble denotes sq ft of Grade-C offices. Click on the bubbles to view the amount of Grade A, Grade B, Grade C and total stock by district.
Click on the graphs below to see the amount of stock by Grade by % and sq ft.
Grade A:
Grade B:
Grade C:
Sheffield stock by grade
