X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LONDON-The UK’s regional office markets have remained relatively stable in the last six months according to the latest report from DTZ. Although the take-up of office space in the last six months was down 5% on the previous six months at 3.91 million sf, activity is in line with the longer term average.

There were variations in take-up between cities, however, with take-up doubling in Cardiff, up by a third in Manchester and with increasing activity in Glasgow and Leeds also. But in Belfast, Birmingham, Bristol, Edinburgh, Newcastle and Nottingham take-up fell.

Overall, the availability of space increased by 4% in the ten major UK markets outside of London. But generally availability remains low with vacancies as low as 3% of total office stock in some city centres. And with a general lack of speculative development, this situation is not likely to change.

The shortage of supply is pushing up prime rents in Bristol, Cardiff, Newcastle and Nottingham. Rents remain stable in other cities with the exception of Edinburgh where rents have fallen slightly.

William Jackson, DTZ’s National Offices Co-ordinator, said: “The dynamics of the major regional office markets are fairly stable. Although there has been a marginal rise in available accommodation, the amount which is newly built or refurbished is low and the speculative pipeline remains subdued. There is therefore unlikely to be a surfeit of this accommodation overhanging the market.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.