Office take-up totalled 25,868 sq ft in Q2 2026, 60% below Q1 and 79% below the 10-year quarterly average of 123,500 sq ft. Take-up was entirely concentrated in the city centre with no transactions recorded in the OOT market. Ongoing economic and political uncertainty is continuing to weigh on businesses confidence prompting some occupiers to defer real estate decisions until market conditions improve.
Despite a subdued Q2, H1 take-up has reached just under 90,000 sq ft, broadly in line with H1 2025, highlighting a degree of resilience in underlying occupier demand.
The largest deal of the quarter was The Billington Group’s acquisition of 5,687 sq ft at The Plaza, 100 Old Hall Street.
Market fundamentals remain positive. City centre vacancy fell further to 5% in Q2, the lowest level of vacancy across the Big Nine reflecting a limited supply of available space. Prime rents remain at £29.50 per sq ft.