Businesses continue to invest in Sheffield city centre

Businesses continue to invest in Sheffield city centre

Businesses are continuing to invest in Sheffield city centre with over 65% 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.

The rising take-up marked a 77% 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, the redevelopment of The Moor, and the imminent completion of 3 St Pauls Place are also expected to further boost demand.

Cllr Leigh Bramall, deputy leader and cabinet member for business, skills and development, praised the news.

He 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.