National Occupier
Q4 take-up 26% ahead of Q3 (sq ft)
The Professional sector dominated 2025 take-up
Average prime rents saw a 4.8% annual increase
Boosted by a strong Q4, where take-up reached 2.1m sq ft, the Big Nine office markets demonstrated ongoing resilience in 2025 with take-up levels reaching 7.6m sq ft, just 4% below 2024. Whilst below the 10-year average of 8.5m sq ft, this volume of take-up is in-line with the five-year annual average, signalling a new normal for demand levels across the Big Nine.
61% of demand was for centrally located offices, down from 67% in 2024. Out of town markets are expected to gain further momentum in 2026, as the shortage of Grade A city centre space, particularly of larger floorplates, continues to push some occupiers to look beyond core locations.
Vacancy ended 2025 at 9.8%, whilst down on the previous quarter, levels are up on 8.7% at the end of 2024. Despite this rise, Grade A vacancy remains constrained at just 2.2%. With 2025 being a year of below average levels of development starts, the next three years will be defined by record low levels of deliveries. 840,000 sq ft is set for completion per annum over this period, below the annual historic average of 2.5m sq ft.
We expect refurbishments to continue to help plug the gap left my subdued new build starts, indeed, 53% of schemes we are tracking for delivery in 2026 are refurbishments, up on 41% in 2025 and 33% in 2024.
Bristol, Brimingham and Leeds all saw new rental records achieved last year and the arrival of the next new wave of prime office space coupled with strong occupier demand for best-in-class space will continue to push rents across the Big Nine to new highs in 2026.
ANNUAL TAKE-UP REACHED 7.6M SQ FT IN 2025
TOP 5 DEALS
THE PROFESSIONAL SECTOR ACCOUNTED FOR LARGEST SHARE OF 2025 DEMAND
FUTURE DEVELOPMENT PIPELINE CONSTRAINED
National Investment
Q4 '25 investment volumes -19% below Q3
Prime Yields Remain Stable
Overseas Investors Largest Buyer Group In 2025
Q4 2025 investment volumes reached £227m, extending the trend of subdued activity across the Big Nine markets throughout the year. This brings total 2025 volumes to £1.1bn, which is 20% lower than 2024 and significantly below the 10-year annual average of £2.4bn. Investor caution in 2025 continued to be shaped by ongoing economic uncertainty and elevated borrowing costs, both of which weighed on sentiment and slowed decision making.
2026 however begins on a more optimistic footing. The UK economy has recorded a positive start to the year, with indicators such as the PMI, retail sales, and consumer confidence outperforming expectations. In addition, further cuts to base rates are anticipated, which should help stimulate investment activity and support a gradual increase in transaction volumes.
Prime yields across the Big Nine were stable throughout 2025 at 7.14%. Recent evidence would suggest a degree of downward pressure, whilst this is limited, it certainly underpins pricing for core assets has bottomed out and for those wanting to get ahead of anticipated price increases, it may be time to move off the sidelines.
The relative value offered by regional offices, particularly when compared with historic pricing, is strengthening the investment case. Combined with a resilient occupier market, strong rental growth prospects, and limited supply, these factors underpin a more confident outlook for the Big Nine in 2026.
2025 INVESTMENT VOLUMES REACH £1.1M
INVESTMENT VOLUMES MUTED ACROSS THE BIG NINE CITIES
OVERSEAS INVESTORS THE LARGEST BUYER GROUP IN 2025
NOTABLE TRANSACTIONS OF 2025
TAKE-UP
335,625
+62% CHANGE ON LAST QUARTER
VACANCY RATE
11.3%
-160bps CHANGE ON LAST QUARTER
PRIME RENT (PSF)
£46.00
7.5% ANNUAL INCREASE
Office take-up totalled 335,625 sq ft in Q4 2025, the strongest quarter of the year. This brought annual take-up to approximately 887,566 sq ft, which was in line with the 5-average of 889,000 sq ft.
The largest deal of the quarter, and indeed the year, saw accountancy firm EY let 94,000 sq ft at Three Chamberlain Square to relocate and increase its office footprint from nearby Colmore Square. The 190,000 sq ft office building was completed earlier in 2025 and partially let to Forvis Mazars and CBRE at some of the market’s highest rents.
Following a period of increases, vacancy fell 160 basis points to 11.3%, reflecting strong occupier sentiment as take-up outweighed the release of space. Office prime rents increased 7.5% in 2025 to £46.00 per sq ft, remaining one of the highest-rented markets in the Big Nine. Rent-free periods remain at 18 months for a 10-year period.
ANNUAL TAKE-UP
TOP 5 DEALS
CITY CENTRE AVAILABILITY
TAKE-UP
214,390
-13.8% CHANGE ON LAST QUARTER
VACANCY RATE
9.6%
-50BPS CHANGE ON LAST QUARTER
PRIME RENT (PSF)
£50.00
4.2% ANNUAL INCREASE
Bristol’s office take-up totalled 214,000 sq ft in Q4, slightly down on Q3 but in line with historic averages. Annual take-up reached 926,000 sq ft, 21% above the 5-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. Elsewhere, serviced office provider Runway East continued its nationwide expansion at 43 Queen Square, while engineering firm Stantec signed 16,900 sq ft at Embarq, a building currently under refurbishment and due for completion later in 2026.
Vacancy declined for the fourth consecutive quarter, falling 50 basis points to 9.6% to reflect ongoing positive net absorption across the city centre. Office prime rents rose 4.2% in 2025 to £50 per sq ft with Bristol remaining as the Big Nine’s highest rented market. Rent-free periods remain at 24 months for a 10-year period.
ANNUAL TAKE-UP
TOP 5 DEALS
CITY CENTRE AVAILABILITY
TAKE-UP
102,576
+92% CHANGE ON LAST QUARTER
VACANCY RATE
9.3%
-30BPS CHANGE ON LAST QUARTER
PRIME RENT (PSF)
£30.00
7.1% ANNUAL INCREASE
Office take-up totalled 102,600 sq ft over Q4, the strongest quarter of the year and in-line with historic averages. However, 2025 was a relatively subdued year for take-up with the annual total of 281,100 sq ft sitting 25% below the 5-year average and 41% below the 10-year average. The largest deal of the quarter, and the year, saw utilities firm Centrica let 36,800 sq ft at One Callaghan Square to relocate from nearby Four Callaghan Square.
Office vacancy declined by 30 basis points to 9.3%, ending a period of record increases to reflect positive net absorption over the quarter. Nonetheless, vacancy in Cardiff currently remains high when compared to historic norms.
Office prime rents in Cardiff increased by 7.1% in 2025 to £30 per sq ft, one of the greatest increases in across the Big Nine. Rent-free periods remain at 18 months for a 10-year lease.
ANNUAL TAKE-UP
TOP 5 DEALS
CITY CENTRE AVAILABILITY
TAKE-UP
171,826
+93% CHANGE ON LAST QUARTER
VACANCY RATE
5.8%
+30BPS CHANGE ON LAST QUARTER
PRIME RENT (PSF)
£46.00
2.2% ANNUAL INCREASE
Office take-up in Edinburgh totalled 171,800 sq ft in Q4, the strongest quarter of the year bringing total annual take-up to 502,300 sq ft, 27% below the 5-year average and 34% below the 10-year average.
The largest deal of the year saw Royal London let the 70,000 sq ft 1 Thistle Street to relocate and expand its Edinburgh office footprint from 22 Haymarket Yards. Royal London will refurbish the building, its former headquarters, ahead of occupation.
Vacancy increased marginally over the quarter, rising 30 basis points to 5.8% as the release of secondary space exceeded take-up. Grade A supply fell to 0.7%, among the lowest in the Big Nine; however, the 154,000 sq ft Rosebery House is now under redevelopment and due to speculatively complete in 2028.
Prime rents increased by 2.2% in 2025 to £46 per sq ft, 13% greater than the Q4 Big Nine average. Rent-free periods remain at 10 months for a 10-year lease.
ANNUAL TAKE-UP
TOP 5 DEALS
CITY CENTRE AVAILABILITY
TAKE-UP
160,623
+2% CHANGE ON LAST QUARTER
VACANCY RATE
10.9%
-70BPS CHANGE ON LAST QUARTER
PRIME RENT (PSF)
£41.50
5.5% ANNUAL INCREASE
Office take-up in Glasgow totalled 160,600 sq ft in Q4 2025, in line with the post-pandemic quarterly average. This brought annual take-up for 2025 to 764,300 sq ft, 7% greater than the 5-year average but 39% lower than the 10-year average. The largest deal of the quarter saw telecommunications firm Sky let 26,200 sq ft at 55 Douglas Street, consolidating its office footprint from a number of locations across Glasgow.
Following a period of increases, vacancy fell 70 basis points to 10.9%, reflecting positive net absorption over the quarter. However, with the refurbishment of the 95,000 sq ft Alhambra House commencing, this should provide a welcome addition to Grade A supply in Q2 2027.
Prime rents increased by 5.1% in 2025 to £41.50 per sq ft, remaining above the Big Nine average. Rent-free periods fell from 15 to 12 months for every 5 years term certain.
ANNUAL TAKE-UP
TOP 5 DEALS
CITY CENTRE AVAILABILITY
TAKE-UP
306,967
+46% CHANGE ON LAST QUARTER
VACANCY RATE
9.7%
+30BPS CHANGE ON LAST QUARTER
PRIME RENT (PSF)
£46.00
15% ANNUAL INCREASE
Office take-up totalled 307,000 sq ft in Q4, bringing annual take-up to 979,000 sq ft, sitting 13% above the 5-year average and 4% above the 10-year average. The most significant deals of the quarter were at Three South Brook Street, completed in 2024, where over 64,000 sq ft of space was let across two deals to Northern Rail and Jacobs UK.
Vacancy increased 60 basis points to 10% as new supply exceeded take-up. This was partially driven by 75,000 sq ft at Kellstone, Aire Park, currently under construction and due for completion in early 2026. With an additional 272,000 sq ft of speculative space due to complete in late 2026, vacancy could increase further in the short term.
Prime rents rose by 15% in 2025 to £46 per sq ft, the greatest increase across the Big Nine. Rent-free periods fell from 21 to 18 months for a 10-year lease.
ANNUAL TAKE-UP
TOP 5 DEALS
CITY CENTRE AVAILABILITY
TAKE-UP
111,714
-24% CHANGE ON LAST QUARTER
VACANCY RATE
6.1%
+50BPS CHANGE ON LAST QUARTER
PRIME RENT (PSF)
£29.50
1.7% ANNUAL INCREASE
Office take-up in Liverpool totalled 111,700 sq ft in Q4 2025, 14% greater than the 5-year average and in line with the 10-year average. However, following a subdued start to the year, the annual take-up total of 346,300 sq ft fell 12% below the 5-year average and 33% below the 10-year average. The largest deal of the quarter saw the YMCA lease 10,900 sq ft at Warrant House to expand its Liverpool office footprint.
Vacancy increased by 50 basis points to 6.1% as the release of secondary space outweighed take-up. Liverpool continues to record the lowest Grade A vacancy in the Big Nine at 0.3%, with this unlikely to increase in the short term given the market’s limited development pipeline.
Prime rents rose by 1.7% in 2025 to £29.50 per sq ft, the lowest in the Big Nine. Rent-free periods remain at 21 months for a 10-year lease.
ANNUAL TAKE-UP
TOP 5 DEALS
CITY CENTRE AVAILABILITY
TAKE-UP
596,352
+52% CHANGE ON LAST QUARTER
VACANCY RATE
11.6%
+60BPS CHANGE ON LAST QUARTER
PRIME RENT (PSF)
£45.00
0% ANNUAL INCREASE
Q4 Office take-up totaled 596,400 sq ft across Manchester City centre, South Manchester, Salford Quays and Warrington, driving the annual take-up figure to 2.1 million sq ft, in line with the 10-year average and 11% above the 5-year average. Three deals exceeding 40,000 sq ft were recorded over the quarter; in the largest, Vitality Insurance let 45,400 sq ft at 3 Stockport Exchange to bring Stockport’s flagship Grade A office building to full occupancy.
Vacancy increased by 60 basis points over Q4 to 11.6%, a record high for the market, driven by the release of secondary tenant space. With over 780,000 sq ft (Grade A refurbished and new built) of speculative space set to complete in 2027, vacancy can be expected to increase further although large pre-lets will be anticipated.
Office headline rents remained at £45 per sq ft in 2025 to sit 11% above the Big Nine average with further increases predicted in 2026 / 2027 given the significant lack of readily available new build supply. Those best-in-class schemes that are still available or seeking early pre-lets will be quoting £48-£52.50psf. Rent-free periods held at 24- 27 months for a 10-year lease.
ANNUAL TAKE-UP
TOP 5 DEALS
CITY CENTRE AVAILABILITY
TAKE-UP
135,767
-28% CHANGE ON LAST QUARTER
VACANCY RATE
8.3%
-60BPS CHANGE ON LAST QUARTER
PRIME RENT (PSF)
£32.00
0% ANNUAL INCREASE
Newcastle’s office take-up reached 135,800 sq ft in Q4, the lowest quarter of the year. However, following a record Q1, annual take-up totalled 775,500 sq ft, in line with both the 5-year and 10-year averages. The largest deal of the quarter saw Arden University lease 27,200 sq ft at The Spark, establishing a new site in Newcastle and bringing the 2022 completion to full occupancy.
Vacancy decreased by 60 basis points to 8.3% to reflect positive net absorption over the quarter. Notably during the quarter, HMRC’s 464,000-sq ft Pilgrim Quarter headquarters was completed and is expected to bring over 9,000 employees to the area once fully operational.
Out of town prime rents increased over Q4 to £17.50 per sq ft, with city centre prime rents remaining unchanged over the year at £32 per sq ft. Rent-free periods held at 20 months for a 10-year lease.
ANNUAL TAKE-UP
TOP 5 DEALS
CITY CENTRE AVAILABILITY
Navigating 2026
1. Stay vs. go? A Strategic Review
As hybrid working pattern stabilise, now is the moment for occupiers to look at how their offices are functioning. Is your workplace aligned with current and future business needs? Is the space being used efficiently and what do latest staff occupancy trends say about utilisation? Understanding your lease costs to enable successful planning, dilapidations obligations and fit-out costs can shape the decision to remain or relocate.
2. Timing is Everything
Constrained levels of the best space mean occupiers are having to adopt a more forward-thinking acquisition strategy and are looking well ahead to lease expiries to secure best-in-class space. If choosing to stay put, early engagement with your landlord may present the opportunity to re-gear or renew your lease, potentially reducing disruption and costs compared with a full relocation.
3. Location Still Leads
For UK businesses, location remains a powerful lever in real estate planning. As competition for talent intensifies, the right location can ensure access to the best people. Proximity to transport and amenity rich environments can also help in staff attraction and retention.
4. Rising Occupational Costs
Robust demand and constrained levels Grade A space will continue to drive rental growth. Combined with rising business rates and operating costs has led some occupiers to stay put or even consider purchasing their premises, where pricing is compelling.
5. Planning Ahead
The path of UK economic recovery remains uncertain and for businesses this means long term real estate planning will remain challenging. Building in flexibility and future proofing strategies is now essential. Shorter terms, expansion rights, and flexible workspace options provide businesses with the agility they need to respond to changing business needs. Future proofing leases i.e. mitigating against pro-landlord clauses will provides greater long-term security and peace of mind.
6. ESG as a Non-Negotiable
Sustainability and environmental performance are now central to both renewal and relocation decisions. From lowering operational carbon to improving long term efficiency, occupiers are increasingly prioritising buildings that support their ESG commitments. Choosing the right space today can drive both cost savings and brand value tomorrow.
For further information contact Hanna Carnegie, Director, Tenant Representation EMEA.
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Director
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Tenant Representation & Transactions Management EMEA
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Regional Managing Director, Bristol and South West
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Office Agency, Bristol
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Lease Advisory, Leeds
