Sheffield office floor space goes through the roof

Office rent in Sheffield has risen quicker than any other ‘Big Ten’ regional city over the past year, a new report has shown.

The study from CoStar Group, an analytics provider in commercial property, has revealed that office rents in Sheffield have been accelerating quicker than Birmingham, Leeds, Bristol, Edinburgh, Glasgow and Manchester.

Top-end rents in Sheffield are now in the region of £26 per square foot, which is a 47% increase since the global financial crash in 2008.

In recent years, Sheffield council has made investments in office developments such as the not yet completed Grosvenor House, which will be the new flagship office for HSBC and forms the first part of Sheffield’s £470m “Heart of the City” scheme.

The Sheffield Property Association (SPA) works closely with both local and national government to provide advocacy, commission research and to help drive development and attract investment to the city and its surrounding areas.

Guy Cooke, director and Head of Agency at BNP Paribas Real Estate UK, and a member of the SPA, said: “The office market is in the best shape it has been for decades. The growth and investment prospects are evident.

“A lower cost base and excellent demographics make Sheffield an attractive proposition to invest.”

Established in 2017, the SPA is an independent association of landowning and development businesses in Sheffield. It has 62 members including Henry Boot, RBH Properties and Sheffield Hallam University.