Prime rents up 5.5% year-on-year as supply tightens in the UK’s Big Nine office markets

The Big Nine regional office markets of the UK saw take-up levels reach 1.7m sq ft in Q3, exceeding the previous quarter’s performance, according to analysis from global commercial real estate advisor Avison Young. Demand focused on centrally located office spaces with high amenities and transport connectivity, with 66% of Q3 demand coming from city-centre locations.

With occupier demand focusing on best-in-class spaces, prime rents continue to see significant uplifts across supply constrained markets. Birmingham, Bristol, Cardiff and Leeds all reported rental growth in Q3, driven by developments with strong sustainability and wellbeing credentials. The prime average rent across the Big Nine stands at £40.72 per sq ft, reflecting quarterly growth of 2.1% and annual growth of 5.5%.

Despite exceeding Q2 performance, Q3 take-up levels failed to reach the 10-year average for the second consecutive quarter, reflective of a market grappling with tight supply, ever-changing economic conditions and shifting occupier demands.

Constrained Grade A supply continues to affect overall vacancies, dropping to 10%. Avison Young predicts decreased Grade A availability to continue to affect the Big Nine going forward, with just 694,000 sq ft due for completion in 2026, well below the historic average of 2.2m sq ft of deliveries seen per annum between 2020-2024.

Liverpool’s Q3 office take-up rose 166% to 146,000 sq ft, marking the city’s strongest quarter since 2022 and rising 17% above the 10-year average. Take-up was significantly boosted by an agreement with Secretary of State at the Capital Building, which included taking possession of an additional 52,000 sq ft of vacant space.

Office demand in Leeds rebounded in Q3, rising 67% to sit in line with the 10-year average. Professional services led the majority of take-up at 56%, boosted by legal firm Eversheds taking 47,000 sq ft at Keelstone, Aire Park. Leeds also recorded the Big Nine’s greatest quarterly prime rental increase, as prime rents rose 8.2% to £46 per sq ft, following rental pressure at prime locations such as Aire Park and Wellington Street.

Birmingham was the most resilient Big Nine market, with take-up reaching 207,000 sq ft in Q3, up 37% to mark the year’s strongest quarter. The largest deal saw the Birmingham Centre for Anatomy, Surgical and Clinical Skills (B-CASCS) let 51,000 sq ft at Bruntwood SciTech’s Birmingham Health Innovation Campus (BHIC).

Bristol also continues to be one of the strongest regional office markets, despite demand falling slightly in Q3 to 249,000 sq ft. 2025 is on track to be the city’s strongest year since pre-pandemic, with activity driven by the largest city-centre deal since 2019, with Hargreaves Lansdown letting 90,400 sq ft at the Welcome Building. The region remains the highest rented Big Nine market, with prime rents rising 2% to £50 per sq ft, reflecting rental pressures and tight Grade A supply.

Chris Cheap, Principal and Managing Director, Transactions at Avison Young, said:
‘Whisper it quietly but offices are starting to interest investors again as the demand and rental growth signals remain positive. Well-located and well-designed workspace is appealing to occupiers, especially if it helps them retain and attract talent whilst meeting their net-zero carbon commitments, and the clear message is that they are prepared to pay higher rents for it. This isn’t lost on those who write the cheques at investment houses.

“With just under 700,000 sq ft of Grade A space due for completion next year across the Big Nine though, the bump in the road is an impending undersupply of prime stock in our most important markets. The current viability puzzle remains a difficult one to solve and we may need to see how the public and private sectors can come together to see what levers can be pulled to bring forward much-needed prime workspace.’

Stephen Cowperthwaite, Principal and Managing Director, UK Regions and Liverpool at Avison Young, said:
“There are some very clear positive signs across the regions of the UK, with increased occupier activity, rental growth and renewed confidence beginning to flow back into the market. While challenges remain, the strength of demand for sustainable, high-quality office space demonstrates that businesses continue to see the long-term value in investing in the regions.

“Liverpool’s largest deal in three years at the Capital Building is welcome news, with the Government committing to significant additional space. The underlying issue of a lack of quality stock, resulting in prime vacancy at record lows, means that 2026’s focus must be on delivery of new Grade A space to support the ambitious Growth Plan for the region and capitalising on the city’s strengths to attract new occupiers.”

Julian Watts, Managing Director, Bristol and South West at Avison Young, added:
“Bristol continues to be one of the UK’s strongest regional office markets, with high-quality, centrally located office space driving robust take-up. It is encouraging to see the largest city-centre deal in six years from Hargreaves Lansdown who acquired 90,000 sq ft in the Welcome Building. This reflects the region’s ability to attract and retain major corporate businesses who continue to invest and recruit workforce in the area, driving economic activity.

“Strong rental performance and sustained occupier demand is being fuelled by the city’s focus on schemes that provide amenity-rich, highly sustainable and wellbeing-led designs. With only 120,000 sq ft onsite being delivered in 2026 the development pipeline remains constrained which further increases competition for Grade A space and in turn, continues to drive rental growth.”

Read the full Q3 2025 Big Nine report here.