Covid uncertainty ‘transforming demand’ in Sheffield office market
The Sheffield Property Market Review event, which returned to the city this month, hosted by law firm BRM and property consultant Eddisons, featured an analysis of the latest trends in Sheffield’s office and industrial markets in the face of ongoing Covid disruption.
Speaking to the property professionals attending the event, Eddisons director Adrian Lunn said: “There is still a great deal of uncertainty about the future shape of the city’s office market due to the changing economic landscape created by Covid.
“Work has changed for most people and to some extent it’s down to individual corporate cultures what their office requirements will be as they adapt to living with the virus.
“We are advising a number of professional firms and there’s a wide disparity between them in terms of what they require. Some will not desk-share and others are considering reducing their city centre footprint and opting for open-plan space in a suburban location with generous car parking.
“However we continue to see strong demand from developers for character buildings that will make interesting office refurbishment projects and we believe we may see grade A rents start to move up in 2022.”
He added: “It’s fantastic to take part in these events, which also highlight the exciting role that we are playing in the major changes happening in South Yorkshire as regeneration projects take shape and Sheffield becomes an even better city in which to live and work.”
James Parden, associate at BRM Solicitors updated the delegates on the legal changes and pitfalls that property professionals will face in the coming months. “One of the unfortunate consequences of the pandemic is the detrimental effect on landlords’ ability to recover rent arrears. We understand that the focus has been predominantly on tenants, but it is key to ensure there is a balance and not a weighting in the tenants’ favour.”
BRM director and head of dispute resolution Rob Cooke said: “The advice given by both Adrian and James was extremely beneficial and informative to all attendees and provided a great piece of insight on the future of the Sheffield property market.
“It was fantastic to host the event in partnership with Eddisons at our Sheffield office and we look forward to welcoming more professionals from all sectors as we progress with our programme of property-focused events.”