The changing face of Sheffield City Centre
03 February 2016
Image: Sheffield city centre skyline
The appeal of Sheffield city centre as a ‘business hub’ is growing in momentum with over 65 per cent of last year’s 486,000 sq ft of office take-up happening centrally.
Office market activity across Sheffield hit a record high in 2015 with its strongest annual performance since the recession and a 77 per cent increase on 2014, according to figures from Creative Sheffield, the economic development arm of Sheffield City Council.
The research showed that new occupier take-up across the city totalled 486,000 sq ft from over 92 deals and 317,000 sq ft of this take-up was in the city centre.
Plans for a new Sheffield Retail Quarter, which is expected to provide further high-demand office space, the redevelopment of The Moor and its vibrant retail, cinema and leisure complex appealing to city centre workers, and the imminent completion of 3 St Pauls Place (the third phase of this land mark scheme providing premium, Grade A office space, in the heart of Sheffield city centre) have all been cited as contributing to the growing appeal of Sheffield city centre as a place to work, shop, socialise and live.
Peter Whiteley, Partner at Knight Frank said: “There is a new level of anticipation and excitement among centrally based businesses because of the changing face of the city centre. Success breeds success and as more businesses are hearing about the quality of office space available in the city centre and realise that it is affordable, we are seeing an increase in enquires from businesses interested in upgrading or relocating centrally. Often this move is welcomed by staff and clients because a central base can work better in terms of transport links, connectivity with others in the sector and the wider vibrancy of the city centre.”
The upturn in city centre office space take-up is set to continue this year with a number of major refurbishments taking place including Steel City House and Milton House, bringing further high quality office space to the market.
Cllr Leigh Bramall, Deputy Leader & Cabinet Member for Business, Skills & Development, said, “The upturn in office take-up in the city centre is significant both in terms of the confidence it demonstrates in Sheffield’s plans for the centre and confirmation that decisions and investments already made locally to grow our business base and strengthen our economy are paying off. Sheffield city centre is an excellent proposition for businesses and this is evident from the feedback we get from estate agents who deal with edge-of-city businesses looking to move closer into the heart of the city. “
The office take-up data is compiled by Creative Sheffield’s Inward Investment Team, who work closely with Sheffield’s commercial estate agents to create a definitive voice to investors, developers and occupiers about the Sheffield office market.
To find out how the Invest Sheffield team can help businesses invest and grow in Sheffield please contact a member of the team on +44(0)114 223 2382 or email email@example.com.