Grade-A office take-up has leapt by 110% in Nottingham city centre on the same period last year, according to the latest research from the Nottingham Office Agents Forum.
The first half of 2014 showed a significant increase in deals done, with take-up totalling more than 150,000 sq ft across the city centre and out-of-town markets. Key deals included Baker Tilly taking 12,700 sq ft at City Gate House, in the city centre and 18,000 sq ft let by Babcock at Lakeview on Sherwood Business Park.
The research also showed a significant increase in office investment deals. In H1 2014, more than 315,000 sq ft of investment deals were transacted, compared with 285,000 sq ft for 2013 overall.
Chris Sinclair, chairman of the Nottingham Office Agents Forum and director at Innes England, said: “The level of demand shows that the city 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.”
lisa.pilkington@estatesgazette.com
