Talking Point: Opportunity knocks for Nottingham
You can certainly say that the launch of the inaugural Nottingham Commercial Office Review has proved to be a significant achievement in so many ways.
Not only has the report brought competing commercial property agents together in the name of a common cause, but it has also provided the market with a crucial analysis of the state of Nottingham’s office market for the first time.
The review was born out of a need to create a comprehensive and consistent review of the current and future office market in the city. Different reports were producing different opinions of the level of stock, the level of activity and the level of demand. Unfortunately, this inconsistency was being picked up by developers and investors outside the city and they were never getting the real picture of what was actually happening in Nottingham.
Bringing the property sector together to help produce the report was also an important factor for helping the review become reality. It is easy to say that without the general consensus of the agents the review would never have seen the light of day. The fact that this was a review that they could use for themselves and their clients was an attractive proposition for them.
So what did the report tell us? Well, there were no unpleasant surprises and it crystallised some existing impressions. Nottingham’s office core has over 6.5 million sq ft of built office space – of which just around one million sq ft is Grade A standard. The biggest challenge for the city was that over three million sq ft of that space doesn’t match the needs of modern office occupiers and that outside-the-box thinking by developers and planners might be necessary to bring this level of space down.
There was quiet optimism about the activity levels in the city and the review highlighted the fact that some major deals were happening in the city even though the economy was weak – including E.on’s decision to move into Grade A office space on part of the former Guildhall site and Nottingham City Council’s move to Loxley House. It also detailed the moves of companies such as Crytek, Ikano and Speedo over the past 12 months.
The review also did some informed crystal ball-gazing to see where future employment growth could come from. Experian’s economists produced forecasts which suggest that over 14,500 jobs will be created in Nottingham between 2015 and 2025 – which suggests we need to start thinking now how we will accommodate that clear demand.
The main conclusion of the report was that whilst there is an understandable caution in the current economic climate, there is also a need for Nottingham to look to the future and be more ambitious in its planning and development. Most importantly, the city needs to continue the collaborative approach to promoting the city as a business and investment destination.
The Nottingham Commercial Office Market Review marks an encouraging start.
Ken Nettleship, inward investment project manager at Invest in Nottingham
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