Office News

Over the last 12 months, the majority of us will have seen a change in the relationship we have with the office. By far the most important driver from occupiers considering office moves has been a focus on the quality of office environments. Many occupiers are looking to improve their space to make the office more of a collaborative “lifestyle choice” to boost collaboration, mental health and wellbeing, team building and to support the upskilling of more junior members of the workforce. There has also been an increase in demand for freehold office space, particularly on Pride Park where FHP currently have some 30,000ft² of office space under offer on a freehold basis, the majority to local businesses who are already based in Derby.

Darran Severn of FHP Property Consultants commented:

“We’ve had a lot of success during the last couple of months placing five buildings under offer. It feels like businesses are ready to make decisions in regard to their office space and there seems to be a preference to buy. As an example, we placed 3 Prospect Place on the market earlier in January and after several viewings this went under offer very quickly. Again, we received an offer on 10 Royal Scot Road within a day of marketing. Whilst these deals are yet to complete, I am confident they will progress to completion having carried out the required due diligence on each buyer.

We continue to speak with local and regional businesses on a daily basis who are still seeking space on a freehold basis and I would be delighted to speak with anyone who may be looking to sell their property. Whilst capital values have remained relatively unchanged over the past 5 – 10 years, I expect with a shortage of opportunities we will start to see values rise. I would add that we are also speaking to occupiers who require space on a leasehold basis, but again there are limited options currently on Pride Park, particularly for space larger than 6,000ft².”

Should you require any further information then please do not hesitate to contact Darran Severn 07917 460 031 or darran@fhp.co.uk.

ENDS

Darran Severn

February 2022

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