IT'S a quiet corner of the city where so much of the business is all about discretion. Yet if the figures for property transactions are anything to go by, the Georgian facades of Nottingham's traditional professional quarter have been having a bit of a party.
The area bordered by Park Row, The Ropewalk and Derby Road has for years been the home of the Nottingham's advisory sector – the accountants, law firms, financiers, engineers, clinics and property businesses who keep the wheels of the city turning.
It's a part of town which has always given off a certain sophistication.
At the start of 2012, those imposing facades were often hidden behind an array of property marketing boards. Yet the assumption was that the professional quarter was so desirable and so upmarket that it was probably out of reach for most businesses.
The numbers tell a different story. In 2012, transactions outstripped new supply coming on to the market by 50 per cent. There was just under 30,000 square feet of office take-up in the area. And 20,000 sq ft of that was transacted by FHP in 13 deals.
The calibre of the new tenants moving into the professional quarter says it all. They included Clearwater Corporate Finance, occupational health specialist PAM Group, design and branding agency Rizk McCay, financial advisory firm Wallwood Independent and EVS translations.
The amenities surrounding the professional quarter make for an impressive location. Hart's restaurant, Cast Deli and the recently-opened Brown's Brasserie are all on the doorstep, while the city centre itself is only a five-minute walk.
Again, you might think this suggests an expensive location. But a softening of rents and incentive packages offered by landlords have meant prospective tenants have been surprised by what they can afford.
The result is that vacancy levels in the professional quarter have dropped, despite moves by Roythornes Solicitors, patent attorneys Potter Clarkson and Curtins Consulting into new premises.
For the successful landlord, there is a common factor behind all this activity – the need to refurbish and modernise buildings so that prospective tenants are presented with an attractive, ready-to-occupy solution.
The message for landlords is simple: do everything you can to stack the odds in favour of your property, for although there is activity out there, enquiry levels are still suppressed and there is a selection of property to choose from.
From a freehold perspective, this area remains one of Nottingham's front runners. Although values have dropped since the hazy days of five years ago, they are still strong, driven by a lack of supply and an underlying demand for freehold opportunities in an area seen as offering a secure investment with good flexibility on alternative uses.
This is especially the case for owner-occupiers, who tend to pay a premium over investors in this area. However, many would-be purchasers are hamstrung by the lack of available finance which is still holding freehold values back in my view.
If 2012 was a good year for the professional quarter, what about 2013?
There are plenty of available options for prospective occupiers but a change in the attitude of landlords means they are now better presented and better quality.
The result is that tenants can look forward to good-quality accommodation and attractive rental packages.
Landlords should still expect voids, but the interest in the professional quarter is out there and quick sales can be achieved.
Rather like the professional quarter itself, quality has an eternal appeal.
Mark Tomlinson is a surveyor with Nottingham property consultancy FHP.