Office of Field Services Fiscal Review Process Becky Pennington Susan Szymas February 7, 2013.
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Transcript of Office review 2013
THE NOTTINGHAM COMMERCIAL OFFICE MARKET REVIEW 2013
THE NOTTINGHAM OFFICE FORUM
Nottingham Offi ce Forum membersChesterton HumbertsDTZFHP Property ConsultantsGeo Hallam and SonsHEBInnes EnglandInvest in NottinghamJones Lang LaSalleLambert Smith HamptonLorne EstatesNG Chartered SurveyorsNottingham Regeneration LimitedNottingham City CouncilSavillsSalloway
For further updates visitwww.nottinghamoffi cereview.co.uk
Designed and produced by www.thedairy.biz
© Crown copyright and database right 2013. Ordnance Survey Licence number 100019317. PLW GIS 15/03/2013
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LeisureLeisureLeisureCentreCentreCentre
Nottingham Offi ce ForumThe Nottingham Offi ce Forum brings together the
city’s commercial property professionals, planning and
development experts and specialist consultancies.
The aim of the forum is to create a coordinated voice to
investors, developers and occupiers about Nottingham’s
offi ce market.
This is the fourth Nottingham Commercial Offi ce Review
which provides an essential update on the offi ce market
activity during 2013 in Nottingham’s main offi ce core and
out of town locations.
For further updates visitwww.nottinghamoffi cereview.co.uk
Crown copyright and database right 2013. Ordnance Survey Licence number 100019317.0 1.5
Miles3
Nottingham Station Hub
Out of Town Business Parks
City Core
Change of Use2013 saw an unprecedented increase in the change of use
of offi ces in the city centre with 559,393 sq ft of existing
offi ce stock being converted into alternative uses including
student and residential accommodation.
Some of the major deals include:
Equitable House, South Parade 15,866 sq ft
Halley House, Hounds Gate 17,997 sq ft
38-44 Castle Gate 22,701 sq ft
Victoria House, Milton Street 28,223 sq ft
St Mary’s Court 28,632 sq ft
Barker Gate House 30,192 sq ft
Impact House, Castle Boulevard 35,941 sq ft
Newtown House, Maid Marian Way 39,547 sq ft
Minerva House, Hounds Gate 59,180 sq ft
Newlands House, Maid Marian Way 71,106 sq ft
Talbot House, Talbot Street 79,610 sq ft
City Centre deals1 Central Park 13,531 sq ft
Chapel Quarter 15,700 sq ft
The Curve, NG2 Business Park 30,000 sq ft
Out of Town dealsLimehouse, Ruddington 15,750 sq ft Fields Business Park
Pegasus Business Park 25,500 sq ft
1 Newstead Court, 46,250 sq ftSherwood Park
Reasons to invest in Nottingham:• Close to 1.4 million people in the journey to work area
• Over 98% of the UK market within a 4 hour drive of the city
• Access to 62,000 students studying at Nottingham’stwo universities
• £40m Nottingham Investment Fund available to growing businesses
• Home to global companies including Capital One, Experian, Alliance Boots, Speedo and E.On
• Nottingham Enterprise Zone offers development opportunities across four city centre sites
• A technology led city with research excellence and growth sectors in Life Sciences, Cleantech and Digital Media
• Cutting edge global digital infrastructure
• £10m Nottingham Technology Grant Fund focused on supporting technology led companies
• £750 million investment to enhance our award winning integrated transport network with two new tram lines and A453 widening to be complete in 2014
• The UK’s most energy self-suffi cient city
• Nottingham Creative Quarter to create an ‘incubator without walls’ to the east of the city centre
Investment DealsNottingham saw over 285,000 sq ft of offi ce accommodation
transacted during 2013, representing a 37% increase
compared to 2012.
Location Size Yield
1-2 Chase Park 3,290 sq ft 10.50%
2 Clinton Avenue 3,443 sq ft n/a
Wyvern House Phoenix 11,600 sq ft 13%Bus Park
Water Court 17,502 sq ft 19%
Alan House Clumber St. 31,807 sq ft 7.40%
Mansfi eld CourtWoodborough Road 37,859 sq ft 20.70%
Titan House,Sherwood Park 39,998 sq ft n/a
No. 1 NottinghamScience Park 42,938 sq ft 12%
The Arc, ng2 45,176 sq ft 9.50%
31-35 Park Row 52,366 sq ft 12.26%
PipelineCity Core
There is over 2.5 million sq ft of proposed offi ce schemes
within the city core area. These schemes have either
outline or detailed planning permission.
Phase 2 Nottingham One 89,998 sq ft
Sentinel 98,652 sq ft
The Portal 149,996 sq ft
Former Hartwell Ford Site 202,094 sq ft
NG2 Business Park 202,899 sq ft
Unity Square 290,628 sq ft
Eastside 1,409,589 sq ft
Out of Town
Nottingham’s out of town business parks are able to provide
a further 400,000 sq ft of proposed offi ce space
Beeston Business Park 70,000 sq ft
Colwick Quays 12,000 sq ft
Nottingham Business Park 107,000 sq ft
Pegasus Business Park 215,000 sq ft
50,800 sq ft
49,097 sq ft
49,305 sq ft
Available Offi ce Space
502,588 sq ft 231,757 sq ft
102,
946
sq ft
GRADE A
GRADE B
GRADE C
Grade A offi ce deals
saw over a 130%
increase compared
to 2012
E.On’s leasing of Newstead Court at Sherwood Park represented the largest deal in the out of town business parks
GRADE A
GRADE B
GRADE C
GRADE A
GRADE B
GRADE C
13,817 sq ft
129,946 sq ft44,246 sq ft
Como, Sherwood Park
The Curve
City Gate East
Nottingham NET Tram network