Cardiff on the Rise & Merry Christmas

A recent report from property consultant Savills highlighted the upsurge in office demand in Cardiff and forecast that rents would reach £25 per sq ft in 2016.

The report concluded that total take-up at the end of Q3 stood at nearly 300,000 sq ft (27,860 sq m) and with the last two months registering significant prelets, including the 150,000 sq ft letting at Central Square to the BBC and Public Health Wales pre-letting 4,645 sq m (50,000 sq ft) of new offices on four floors at the under construction 2 Cathedral Quarter; the annual take-up total will reach 600,000 sq ft a 10% increase on 2014 and 20% up on the ten year average.

Earlier in the year, Cardiff saw major moves from Baccalaureate Organisation taking 48,500 sq ft and SSE taking 46,851
at Cardiff Gate Business Park.

Savills predict that One Central Square and 2 Capital Quarter buildings, could be fully let by early 2016. Therefore the main schemes in the pipeline are refurbishments including 50,900sq ft at St Patricks House, 35,000 sq ft at 2 Kingsway and 16,953 sq ft at Haywood House North on Dumfries Place,.

Metropolis is tracking over a dozen medium or large companies searching for office space in Cardiff.

Merry Christmas and a Happy New Year to all Metropolis blog readers from all the staff at Metropolis.

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Sheffield occupiers on the move

A recent survey by property consultant Lambert Smith Hampton revealed an above average 93,000 sq ft of Sheffield office lettings in Q3 2015. This figure is 43% up on the Q2 total.

The July to September total was dominated by lettings to two professional services firms; with 13,000 sq ft let to Wake Smith at Velocity in the city centre and 12,000 sq ft to Frogomen at Savile House in Attercliffe. The survey reveals there were 25 deals in the quarter at an average of nearly 4,000 sq ft.

Other recent occupier activity being tracked by Metropolis includes: Sky expanding at Technology Hub at the Electric Works, Sheffield Digital Campus; Arnold Magnetics expansion at Vector 31 Business Park; law firm Slater and Gordon has a local requirement for around 10,000 sq ft of offices and a new 45,000 sq ft headquarters for Westfield Health.

New office schemes due to provide Grade A space in 2016 include the ten storey 76,000 sq ft 3 St Paul’s Place where Arup, the engineering consultant, has signed to take a 16,000 sq ft pre-let of offices on the top floors. Construction is due to commence on Scarborough Group’s next phase of Digital Campus, providing a further 128,375 sq ft of offices , along with the 65,000 sq ft redevelopment of 65,000 sq ft at Steel City House.