Quarterly review of take-up in the major regional office occupier markets in the UK.
Total take-up across the Big Nine office markets (Birmingham, Bristol, Cardiff, Edinburgh, Glasgow, Leeds, Liverpool, Manchester and Newcastle) amounted to 329,000 sq ft in the city centre and 447,000 sq ft in the out-of-town markets, 75% and 42% below their respective ten-year quarterly averages.
During the quarter there have been significant practical difficulties in conducting viewings and due diligence with occupiers either delaying or putting their occupational requirements on hold while many have been reassessing their spatial requirements. There has also been an increase in the number of re-gears on both a long-term and short-term flexible basis, as occupiers delay longer term decisions.
Most markets have suffered a sharp dip in demand, although there was some notable activity in the out-of-town markets. In Manchester, Newcastle and Glasgow several circa 30,000 sq ft deals completed, with the latter two cities recording above average take-up.