Sheffield’s office market on the up and up

Data from Knight Frank’s Regional Office Market Presentation reveals that total office take-up was 68,104 sq ft for the first quarter of 2011 – a 51 per cent improvement on the last quarter of 2010.

Sheffield was also one of only three UK regional markets where first-quarter take-up exceeded last year’s quarterly average, increasing by six per cent.

Ventana House, in the city centre, accounted for almost half of the take-up. BSkyB has acquired 23,577 sq ft at the Sheaf Valley development, while the Coal Board Pension Trust and Michael Page have taken 5,773 sq ft and 2,932 sq ft respectively.

Tim Bottrill, Knight Frank partner, said: “This is a solid start for 2011. Despite ongoing pressure on the public sector, 2011 is shaping up to see stronger take-up than 2010.”

Activity was quieter for the out-of-town market in quarter one, accounting for less than a quarter of the take-up compared with nearly half the total in 2010.

Wassenburg’s 8,000 sq ft acquisition at Smithy Wood Business Park was the largest out-of-town transaction.