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Demand for Sheffield City centre office space increases but shortage of new stock spells trouble

wantspacegotspace.co.uk - Demand for Sheffield City centre office space increases but shortage of new stock spells troubleA renaissance across Sheffield city centre is well underway, with national property consultancy Lambert Smith Hampton (LSH) reporting a major increase in demand from companies looking to have a presence in the heart of the city.
LSH’s latest Office Market Pulse report has identified a massive 77% increase in demand for city centre offices compared to the same period last year.
Rob Darrington, Head of Office Agency at LSH in Sheffield, said: “It’s a bit too early to break out the champagne but growth in demand like this, coupled with positive UK growth stories suggest the future is looking much brighter for the city.”
However, despite an increase in supply of secondary office stock, premium, grade A office accommodation is at a shortage. Availability of grade A and B office stock is down by 5% since this time last year.
Darrington warned: “An increase in demand is only a good thing if we have the supply needed to meet it; if we don’t people will have to look elsewhere. We need a good supply of premium grade A offices to give us room to grow. At the moment the market is blighted by a diminishing supply of grade A space.
“This lack of product has also impacted on investors. Despite a resurgence in interest from investors in the regional office markets, this lack of well located, good quality product is why we’ve not seen this filter through to Sheffield.”

Posted by The Editor (wantspacegotspace) on 19th August 2013 (updated 02/09/2013)

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