As the UK’s Big Nine office markets contend with a shortfall of Grade A new-build space, refurbishments make up 53% of the 2026 office development pipeline, up from 41% in 2025 and 33% in 2024, according to new analysis from global commercial real estate advisor Avison Young.

Boosted by a strong Q4, where take-up reached 2.1m sq ft, the Big Nine office markets demonstrated ongoing resilience in 2025, with year-end take-up reaching 7.6m sq ft, just 4% below 2024 and in line with the five-year average.

But following a subdued year for development starts in 2025, the next three years are forecast to deliver 840,000 sq ft of new space per annum, below the annual historic average of 2.5m sq ft, with refurbishments expected to help plug the gap left by slowing new build starts.

Strong occupier demand for best-in-class workspace continued to push rents higher across the Big Nine in 2025, with Birmingham, Bristol and Leeds all setting new rental records in 2025. Birmingham’s office take-up totalled 335,625 sq ft in Q4, the strongest quarter of the year, pushing annual take-up to 887,566 sq ft, which was in line with the five-year average. Prime rents increased 7.5% in 2025 to £46 per sq ft, remaining among the highest across the Big Nine.

Bristol’s annual take-up reached 926,000 sq ft, landing them 21% above the five-year average and 8% above the 10-year average. The largest deal of the quarter saw legal firm Burges Salmon regear their lease and expand by acquiring an additional 41,600 sq ft at One Glass Wharf. Prime rents held at £50 per sq ft, with Bristol remaining the Big Nine’s highest rented market.

Leeds delivered a strong finish to the year, with Q4 office take-up reaching 307,000 sq ft, driving the city’s annual activity to 979,000 sq ft. This is 13% above the five-year average and 4% above the 10-year average. Prime rents increased 15% in 2025 to £46 per sq ft, the strongest rental growth seen across the Big Nine markets in 2025. The most significant deals of the quarter were at Aire Park, where over 64,000 sq ft of space was let to Northern Rail and Jacobs UK.

Investment volumes reached £227m in Q4 2025, bringing the year-end total to £1.1bn. While investor sentiment has been impacted by economic uncertainty and elevated borrowing costs, contributing to slower decision-making, the UK economy has recorded a positive start to the year, which is expected to stimulate activity and support an increase in transaction volumes.

Mark Robinson, Principal and Head of Office Agency, Birmingham at Avison Young, said:
“Birmingham’s performance in Q4 underscores the depth of demand for high‑quality workspace, even in a challenging environment. The city continues to attract major occupiers seeking best‑in‑class offices, as demonstrated by EY signing for 94,000 sq ft at Three Chamberlain Square to relocate and increase its office footprint from nearby Colmore Square.

“With vacancy easing and prime rents holding firm, we expect 2026 to build on this momentum as organisations invest in space that supports talent, culture, and long‑term business growth.”

James Pitt, Principal and Managing Director, Leeds at Avison Young, added:
"Leeds really finished the year in an advantageous position. Take up in the final quarter pushed annual activity well above both the five and ten year averages, which says a lot about the level of demand we’re seeing in the city.

“2 Wellington Place is an example of how the market is responding, with this grade A upgrade of an existing building due to complete this year. The city centre continues to expand with new builds completing next year at Aire Park, attracting pre-lets to occupiers such as Eversheds Sutherland. Overall, confidence in Leeds remains high, and the city’s trajectory is firmly positive.”

Julian Watts, Managing Director, Bristol and South West at Avison Young, added:
“Bristol continues to stand out as one of the strongest-performing cities within the Big Nine. The office market delivered an exceptionally positive year in 2025, marked by record headline rents in both the city centre and out of town markets. A major highlight was the largest city centre transaction in six years, with Hargreaves Lansdown committing to 90,000 sq ft at the Welcome Building.

“Annual office take up reached 926,000 sq ft, surpassing the 10 year average and outperforming the previous two years. The city centre accounted for 604,000 sq ft, significantly above the 10-year average of 575,000 sq ft. With supply tightening and space under construction being pre-let, the market is poised for continued upward pressure on rents.”

Read Avison Young’s Q4 2025 Big Nine report in full here: www.avisonyoung.co.uk/the-big-nine