Pictured above: Phil Quiggin

While occupier activity across Nottingham is still at a very low level - some 20 per cent down on the same figure last year - there are a small number of encouraging signs of improvement, according to Phil Quiggin, Head of Office Agency at national commercial property consultancy, Lambert Smith Hampton's (LSH) Nottingham office.

The total amount of office space occupied in the city centre increased by 35,000 sq ft in the last quarter and, with very little new space under construction, occupiers are increasingly turning to the higher-quality second hand stock on the market.

Pearl Assurance House is a landmark building situated at the junction of Friar Lane and Wheeler Gate, overlooking Nottingham's Old Market Square. It is but one of a number of good-quality second-hand office buildings on the market to witness this recent upsurge in activity.

Acting on behalf of NPI, a member of the Pearl group of companies, LSH has agreed a new 10-year lease with Scape System Build, to occupy an office suite on the fourth floor totalling 2,160 sq ft.

The Local Authority-controlled company has relocated from its former premises in the city centre where it was based for almost 10-years.

While at present, occupiers possess a good degree of choice, this will slowly diminish over time with three floors totalling 11,154 sq ft remaining, we anticipate announcing further lettings shortly.

Going forward, we expect demand to slowly improve but, with such a limited supply of new development, occupiers are likely to become increasingly receptive to the better quality second hand stock that is available.