Xhas now been added to your account
CONTINUE BROWSINGGO TO MY ACCOUNT
Office News
It was great to take part in such an insightful debate recently, I participated in the Round Table Debate hosted by Nelsons & Marketing Derby discussing the feasibility of bringing new build Grade A office space into Derby city centre.
We explored how it was possible, why it hasn’t been done yet taking into consideration rental values and build costs and the benefits of having high quality offices in the city centre which will only help to increase footfall and rejuvenate the high street. it was great to listen to different viewpoints & experiences from the panel and take part in such a discussion.
One of the key themes that emerged from our discussion was that there is demand for high quality offices and mixed-use space within the city centre the issue is funding these projects which is where collaboration becomes essential. I discussed current rental values for offices in Derby and the build costs to construct Grade A offices with their being a significant gap between the two ultimately providing the main reason as to why Grade A offices have not been built in the City Centre. The only solution is getting public support to help bridge this gap whether through gap funding or a joint venture between the council and private investor to build the space because from an investors perspective the rental tone is not there to justify the cost of developing such a scheme.
That being said, taking part in this debate is a good sign that Derby is ready to have the conversation of bringing such an opportunity to the city centre as there are certainly many positives of being able to offer Grade A space into the city centre. Developing such a project would act as a catalyst in the city centre as a large concentration of people will be working daily in the centre helping to bring life back to the high street through workers getting their lunch, having informal meetings in the coffee shops and having a drink after work. The surrounding areas would reap the benefits of having this offering and it will ultimately help attract more investment and people back to the city centre following shift of consumer habits and the majority of Derby office occupiers being based on Pride Park.
I look forward to hopefully hearing more positive news later in the year regarding this topic of bringing Grade A offices to the city centre following the Derby Property Summit.
For further information please contact Corbin Archer on 07929 716 330 / corbin.archer@fhp.co.uk.