Business confidence in future growth is fuelling the post-lockdown office market with a wave of new lettings in the Leicestershire area.
Leading East Midlands commercial property specialist Andrew + Ashwell reports a series of completed deals in recent months as firms look to attract employees back to the workplace.
The UK unemployment rate has fallen for two consecutive months, bolstered by the government’s job retention scheme and an increase in hiring, as employers look forward to the reopening of the economy. While unemployment is currently relatively stable, the effects of the imminent planned end of the job retention scheme have yet to be seen.
In Leicestershire Andrew + Ashwell has transacted and is currently under offer with more than 100,000 sq ft of office accommodation within the region, with a raft of new deals in Leicestershire.
Acting on behalf of banking organization Santander, Andrew + Ashwell has brokered the lease of 34,634 sq ft of high quality offices within the whole of the impressive, three-storey Building 5 at Carlton Park. Located southwest of Leicester at Narborough, the site offers a direct link to the M1 and M69 motorway junctions two miles north.
Andrew + Ashwell has negotiated two lettings on behalf of Custodian Capital at Gateway House, on nearby Grove Park, neighbouring Fosse Retail Park, less than a mile from the motorway network. Two fully refurbished suites totaling 15,608 sq ft have been let here and a further available 4,700 sq ft suite is currently attracting interest.
The leasehold transaction of two floors totaling 12,722 sq ft of space at Pegasus House, Burleys Way, fronting the ringroad, was a focus of interest for the bright, open-plan office space close to the city centre. The Enterprise Zone location provides up to five years free business rates. A single floor of this modern office accommodation remains available.
Andrew + Ashwell has also transacted the sale of Grade A offices at Romulus Court, Meridian East, to an owner-occupier business. Again located close to both Leicester ringroad and motorway junctions, the sale comprised 5,975 sq ft of newly refurbished space.
Kelvin Wilson of Andrew + Ashwell, said a feature of all the transactions has been a combination of prime location and high specification, offering modern, flexibly designed office space and ample parking for employees and visitors.
“Most office requirements were put on hold following the early stages of lockdown. However, office demand returned to the market in the latter stages of 2020 and early 2021 after businesses were able to reflect on the pandemic and review their business property needs for future growth.
“Despite office requirements generally reducing in size, confidence in the sector has remained. The focus being around high quality, mainly out of town accommodation close to good transport links. This, we feel, is in a bid for businesses to draw staff back into the office in a positive working environment and reflects the transactions so far this year.”