The Big Nine
Quarterly review of take-up in the major regional office occupier markets in the UK.
Occupier confidence across the Big Nine office markets has reached its highest level since the pandemic started, which is reflected in the strongest take-up for two years. Take-up amounted to 2.3 million sq ft across both the city centre and out-of-town markets, 10% up on the ten-year average. A post-Covid focus on flexibility is underpinning an increase in demand from flexible workspace providers. An increased occupier focus on being footloose is also driving the proliferation of Cat A+, plug and play space.
There continues to be a considerable weight of money looking to invest in the regional office market, and Q4 is expected to be the strongest quarter of the year, particularly given the slow start.