Quarterly review of take-up in the major regional office occupier markets in the UK.
- Take-up across the Big Nine office markets amounted to 2 million sq ft during Q1 2019, 4% below the ten year average.
- The out-of-town market performed better than the city centres compared to the average.
- Sectoral activity was dominated by the private sector: professional, financial and consumer services, while there was very little activity by the public sector.
- City centre office construction is at its highest level since 2007, standing at more than 5 million sq ft, half of which is pre-let.
- The total volume of office investment across the Big Nine cities during Q1 amounted to £244m, which compares to the 10 year quarterly average of £543m.