Nottingham has 50,000 students, so there is room for growth
Though office take-up figures for the past 12 months showed proposed conversion to student accommodation outstripped all other uses during the same period, Jones Lang LaSalle believes the sector still offers room for growth.
During 2012, 275,000 sq ft of legal exchanges/completions occurred for offices to be converted into student accommodation, while during the same period, offices acquired for business space added up to 240,000 sq ft, highlighting the dominance of developer demand within the city.
Jones Lang LaSalle says the reason for this trend is two-fold. Firstly, the office rents and capital values within Nottingham are low against high student rents, therefore the viability of conversion to student accommodation is more commercial than refurbishment for continued existing use …