Sheffield city centre ‘business hub’ continues to grow

Sheffield city centre is significantly growing as a ‘business hub’ with over 65% of last year’s 486,000 sq ft of office take-up happening centrally.

Across Sheffield, office market activity hit a record high in 2015 with its strongest annual performance since the recession and a 77% increase on 2014, according to figures from Creative Sheffield, the economic development arm of Sheffield City Council.

The research revealed 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 retail, cinema and leisure complex appealing to city centre workers, and the completion of 3 St Pauls Place (the third phase of the scheme providing Grade A office space, in the heart of Sheffield city centre) have all been cited as contributing factors 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.

Cllr Leigh Bramall, Deputy Leader & Cabinet Member for Business, Skills & Development, added: “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.”