Sheffield rents on the rise - commercial mortgages

10 April 2007

Office rents in Sheffield are showing signs of rising, with new reports indicating that the city''s commercial property market is presently one of the healthiest in the country.

Figures from one property company suggest that rents are on track to rise by almost 19 per cent in Sheffield, up from £18.50 per square foot to £22. This is strong indication of a buoyant market in which demand remains robust and new tenants continue to be attracted to the region.

In addition Knight Frank highlights Sheffield as having the second most affordable commercial property in the North after Liverpool, which may help tenants and investors willing to take out commercial mortgages, the Yorkshire Post reports.

"Sheffield has a burgeoning property market across all sectors, reflected through high demand, coupled with naturally increasing rents, which are paving the way for more high-quality developments," explained Peter Whiteley of Knight Frank to the Yorkshire Post

Mr Whiteley also stated that Grade A prime office space has been responsible for the majority of commercial take-up in the city during 2006.

The report predicts that Leeds will enjoy similar growth in 2007, with rents expected to rise by some four per cent, according to Property Executive.