A SHORTAGE of good quality property across all sectors is holding back Yorkshire’s leading centres.
Lambert Smith Hampton’s Yorkshire chief, Guy Gilfillan, says both Sheffield and Leeds are facing similar challenges, despite having very different property markets.
“The major issue faced by both cities is a shortage of good quality property across all sectors,” says Mr Gilfillan.
“In the office market there is very little Grade A space within the core central districts and this is resulting in some of the larger corporate occupiers considering having premised purpose built on a pre-sale/pre-letting basis.”
Mr Gilfillan says the position in the industrial sector is very similar.
In South Yorkshire LSH has been heavily involved with the major pre-letting deal to Home Décor at Woodhouse Link and Thetford PLC at Brookfield Park. However, the most significant design and build project will be Rolls Royce’s well publicised 32 acre land purchase at the AMP in Rotherham where LSH was the advisor to the land owner.
Mr Gilfillan says the strength of the manufacturing sector in South Yorkshire is very significant evidenced by the tremendous developments at the AMP.
LSH recently let the last of the available buildings on the site and discussions are underway about future phases of development to meet the high levels of demand.
“This situation makes Rotherham and Sheffield almost unique in the UK in terms of the high demand for new build stock,” Mr Gilfillan concludes.