Friday, July 10, 2020

Positive start for Sheffield’s office market despite pandemic

Despite the ongoing pandemic, Sheffield has reported positive office take-up for the first quarter of the year.

Market statsiutics from Commercial Property Partners (CPP) show that there’s been no evidence of value reduction in Sheffield despite the pandemic.

Indeed, more than 73,000 sq ft of office space across Sheffield, both in and out of town, transacted in Q1 2020.

According to the data, 73% of the deals related to city centre properties, with no evidence of a reduction in values due to the pandemic.

The first quarter of this year also saw an increase in the amount of floor space transacted in out of town deals; with 14,860 sq. ft let to commercial risks solutions company Aon at Hallamshire Business Park, located on the fringe of the city centre and home to a number of successful businesses, including education provider Twinkl.

Another significant out of town deal was the lease of 8,950 sq. ft office space to leading dispute resolution firm SSB Law at Navigation House, located at Victoria Quays in the city.

“Sheffield has seen a successful start to the year with no evidence from the recorded transactions to suggest any immediate reduction in values, however, the terms of these deals will have been agreed before the extent of the pandemic was known,” said Rob Darrington, Partner at CPP.

“The market is clearly strong but looking forward it is expected that office activity will be significantly lower due to the COVID-19 lockdown.

“The way occupiers use their office space will inevitably come under scrutiny, with many companies having to adapt to new working practices due to the current situation.

“Given social distancing requirements some businesses may choose to designate more of the floor plan to break-out areas and meeting rooms, whereas others may look to adopt a more flexible approach to how they work, including encouraging home working, hotdesking, or taking advantage of local amenities including cafes.”

“Flexible working will suit some companies more than others, but whether this will transpire into companies taking less or more floor space is yet to be seen.”

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