Plush of­fice re­vamps may drive up rents

Com­mer­cial agents warn of short­age of high qual­ity of­fice space

The Peterborough Evening Telegraph - - BUSINESS TELEGRAPH - By Paul Grin­nell paul.grin­nell@jpress.co.uk Twit­ter: @PTPaulGrin­nell

Land­lords have been in­vest­ing in a bid to meet a de­mand for high qual­ity of­fice ac­com­mo­da­tion in Peter­bor­ough.

Fig­ures re­leased by com­mer­cial agents Sav­ills show 100,000 sq ft of of­fice space in the city was up­graded in the first half of the year.

The firm says there is a crit­i­cal short­age of good qual­ity of­fice ac­com­mo­da­tion caused by a lack of de­vel­op­ment and the con­ver­sion of more than 600,000 sq ft of of­fice space in the city for res­i­den­tial use over the last two years.

Sav­ills warn the plush new of­fices might push up rents, which cur­rently stand at £10 to £13 per sq fte.

Wil­liam Rose, direc­tor at Sav­ills Peter­bor­ough, said: “We’ve seen sig­nif­i­cant re­fur­bish­ment ac­tiv­ity in the Peter­bor­ough of­fice mar­ket in the first half of 2017 as land­lords look to take ad­van­tage of the crit­i­cal short­age of good qual­ity space avail­able.

New look mod­ern of­fices at North­min­ster House.

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