The Big Nine
Quarterly review of take-up in the major regional office occupier markets in the UK.
Following an extremely active Q4, take-up activity unsurprisingly reduced during Q1, with a total of 1.1 million sq ft let across the Big Nine markets. While this reflected a 40% decrease from the previous quarter, this is mainly down to take-up during the final three months of 2021 being so far ahead of the long-term average. Q1 take-up, therefore, fell just 17% below the 10-year quarterly average with the 5-year quarterly rolling average changing by just 0.2%.
Overseas investors dominated office investment in Q1, accounting for almost three quarters of total spend across the Big Nine markets.
During the first quarter of 2022, the Big Nine regional office markets saw office investment of £755 million, reflecting a 21% increase from Q4 2021 and a 25% uptick against the 10-year average. Three overseas deals completed in excess of £100 million which led to overseas investors accounting for 74% of total volumes across just six deals.