E.ON boosts Nottingham office take-up
Take-up of office space in Nottingham increased to 146,000 sq ft in the third quarter of the year. According to research by property agent DTZ, the market was bolstered by a 105,000 sq ft deal from electricity supplier E.ON.
However, DTZ said with “no exceptional deals in the pipeline”, annual take-up is expected to fall back again in 2011.
Availability in 2011 will also be capped by a lack of development, said DTZ. The property agent predicted that nothing will be built “before 2012 at least”.
The report went on to state that if any development does occur, it will be city centre-based, dependent on the performance of the professional services sector in the city.
Helen Longstaffe, director of business space at DTZ in Nottingham, said of the findings: “The headline figure for the city centre at 146,000 sq ft does not show the true story as 105,000 sq ft of this was in one deal, which was in fact a pre-let to E.ON. As a result of this pre-let, despite a comparatively weak lettings market, we anticipate that take-up for 2010 will be around the annual average for the city.”
