Regional office markets see strongest H1 take-up since 2019

The Big Nine regional office markets of the UK have seen the strongest H1 take-up since 2019, according to mid-year data from global real estate advisor Avison Young.
As seen in the firm’s Big Nine report, which charts regional office activity from nine UK cities outside London (Birmingham, Bristol, Cardiff, Edinburgh, Glasgow, Leeds, Liverpool, Manchester and Newcastle), take-up has reached 3.7 million sq ft, at 6% ahead of the 10-year average.
While Q2 saw a more reserved 1.6 million sq ft of take-up – a 26% drop on a stronger first quarter – the half-year total is a landmark achievement for a market grappling with ever-changing economic conditions and occupier demands.
Cities significantly outperforming the 10-year H1 average include Bristol (21%), Manchester (27%) and Newcastle (37%). These cities also saw the largest deals in Q2, the biggest of which was at 100A Bristol Business Park, where Rolls Royce took an 88,000 sq ft sublet.
The out-of-town market continues to gain momentum, driven by a lack of Grade A space in city centres, particularly of larger floor plates. As a result, occupiers with larger requirements are looking in out-of-town markets. Six of the 10 largest deals in H1 have been outside the city centre, compared with last year where all top 10 deals took place in city centre locations.
New completions bolstered the Q2 Grade A vacancy rate marginally to 2.2% from 2%, as finished projects began to filter through to supply. The Big Nine markets will see 2.1m sq of deliveries this year, 49% of which are already pre-let, continuing to limit availability.
Across the nine regional markets, prime rental growth rose quarterly by 0.9%. This was driven by prime rents hitting £45.50 per sq ft in Birmingham and £49 in Bristol, representing quarterly rental growth of 5.2% and 2.1%, respectively.
Occupiers continue to be drawn to best in-class developments with strong sustainability and wellbeing credentials, including 3 Chamberlain Square in Birmingham, which has attracted global occupiers EY, CBRE, and Forvis Mazars – a scheme where Avison Young is acting as letting agent.
Paul Broad, Principal and Managing Director, National Offices at Avison Young, said:
“The first half of the year has been transformational for the Big Nine office markets. The strength of activity reflects the levels of pent-up demand from occupiers. We’re really starting to see out-of-town markets, where larger, flexible floorplates are available, benefit from city centre supply constraints.
“Whilst overall activity decreased slightly in Q2, the year so far gives us confidence that demand will remain high for future-proofed, sustainable buildings that support evolving workforce needs.”
Mark Robinson, Principal and Head of Office Agency, Birmingham at Avison Young, added:
“The success of 3 Chamberlain Square in the first half of the year clearly shows what the market is demanding: best-in-class spaces in great locations. National occupiers have all chosen the space because it aligns with their ESG strategies, whilst also creating a work environment that supports wellbeing and productivity.
“Across the Big Nine cities, it is these types of buildings – that can deliver on quality, sustainability and flexibility – that will continue to outperform.”
The cities covered in Avison Young’s Big Nine report are Bristol, Birmingham, Cardiff, Edinburgh, Glasgow, Leeds, Liverpool, Manchester and Newcastle.
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