Development vital to satisfy demand for office space in Hull
FUTURE development is essential to meet a growing demand for office space in Hull, according to Garness Jones Chartered Surveyors.
The Hull practice has just completed a deal for 24,000sq ft of office space in Hull city centre.
Paul White, associate director for office space at Garness Jones, said the activity was a welcome indicator the property market is improving following a challenging period last year.
He said: "It is fair to say the office market was stagnant for much of last year as businesses have concentrated on survival.
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"But there are clear signs of businesses now trying to move forward, and the increase in activity we have seen in recent months is very positive."
The latest deal means since late last year, the practice has dealt with about 75,000sq ft of office accommodation in terms of concluding deals or entering a period of legal due diligence, and Mr White said Garness Jones was handling another 10,000sq ft of requirements for good to grade-A space.
He said: "It is encouraging to think that in the space of four months or so we are handling enquiries for more than 85,000sq ft of office space.
"Full details will be revealed in the coming weeks but it is a significant project because of its location in the city centre and because it will present further employment opportunities within Hull.
"There are also opportunities around the edge of the city, with good variety in terms of facilities and size."
Independent telecommunications company MS3 completed its move into 4,000sq ft of modern accommodation at Priory Park West earlier this year.
Mr White said: "Our work with MS3 is a good example of the changing, market whereby with some imagination on the structure of the deal and real desire for a company to expand there is business to be done.
"Occupiers are very specific on their needs in terms of size, specification and lease terms.
"There is a decent amount of stock in various parts of the city to satisfy this in the short-term but development is definitely required to satisfy demand in the medium-long-term."