Plush office revamps may drive up rents
Commercial agents warn of shortage of high quality office space
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.