Overall, availability in the main regional markets has risen from 13.16 million sf to 16.78 million sf. Availability in Glasgow was relatively static with a 2% rise, but Bristol has seen a 79% surge in availability and Newcastle 92%.
Take-up levels varied widely with six of the ten centres witnessing falling levels. Edinburgh saw a rise of 15%, Belfast 27% but it was Newcastle which, despite increases in availability, has seen the strongest activity with take up increasing from 90,000 to 310,000 sf.
Despite weakening market conditions, prime rental levels across the UK remain resilient with half of the regional markets seeing rental uplifts. The largest increases were seen in Newcastle at 11% and Birmingham and Leeds both at 10%. William Jackson, Director and National Office Co-Ordinator at DTZ said: "Although prospects for the regional office markets in the short term remain uncertain, there are encouraging signs that the market will remain stable.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
