According to a recent study, the UK’s fourth largest city could be missing out on attracting new businesses to the area due to a lack of Grade A office space in the centre.
Creative Sheffield and property consultants, Knight Frank joined forces to conduct the study in Sheffield which found that only around a quarter, 28 per cent of all office space available in Sheffield was of Grade A calibre.
Out of the 237 offices in the city around 85 are currently unoccupied. But with the lack of Grade A office space available, is Sheffield missing out on attracting new businesses to the city? Not necessarily as many start-ups will be looking for more affordable office space and so Grade A offices may be out of their budget. But more well established businesses who can afford a better quality building may well be put off relocating to the city.
However, Tim Bottrill, a partner at Knight Frank spoke of his optimism that Sheffield could turn things around and increase the amount of high quality space on offer.
He said: “The research shows the city still needs to develop high quality Grade A product in the core city centre, where the demand is unmet and we are working with Creative Sheffield to provide innovative solutions to bring forward key sites in these difficult economic times.
“This availability rate will drop over the course of time, with unsuitable buildings potentially being redeveloped for alternative uses or to reflect the needs of city centre occupiers. Meanwhile, diminishing stock levels at the top end of the market could create positive pressure on rents and capital values.”
Do you have offices in Sheffield? Do you think the lack of Grade A office space is hindering the city in attracting new business?
