The Big Nine Q3 2026

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No two regional office markets are moving in the same direction. While some cities continue to attract strong occupier demand and growing confidence, others are responding to a more cautious leasing environment. The result is a market where local knowledge matters more than ever, especially as businesses reassess their office occupancy needs and the role of the workplace in supporting future growth.

The Big Nine combines market intelligence and local insight to provide a clear view of the UK's leading regional office markets. For businesses looking to lease office space, and for investors and owners tracking market performance and office price per square foot, understanding local conditions is essential. The Big Nine combines office research with insight from teams on the ground to explain what's changing and where new opportunities are emerging.

What are the latest Big Nine office market trends?

Despite encouraging economic indicators, including stronger than expected GDP growth and rising business activity, occupier demand across the Big Nine remained subdued in Q3 2026, with take-up below average levels. Nevertheless, the outlook remains resilient, supported by employment growth across the key regional cities forecast to average 1.7% per annum over the next five years, ahead of the UK average of 1.3%.

The investment market is showing signs of recovery, despite continued geopolitical uncertainty. However, renewed inflationary pressures and the Bank of England’s decision to raise the Bank Rate from 3.75% to 4.0% have created a more challenging backdrop. Higher borrowing costs could temper the recovery in transaction volumes, particularly among debt dependent buyers.

1.7m sq ft

Take-up

Office take-up across the Big Nine reached 1.7m sq ft in Q3 2026, down 13% on Q2 and 17% below the 10-year quarterly average. This brought take-up for the first nine months of the year to 5.1m sq ft, down 7% on the same period last year and 10% below the 10-year average.

£344m

Investment volume

Investment volumes reached £344m in Q3, up 22% on Q2. This brought year-to-date investment to £1.1bn, 25% ahead of the same period in 2025 and putting 2026 on course for its strongest annual performance since 2022.

2.5m sq ft

Under construction

Around 2.5m sq ft of office space is currently under construction across the Big Nine, up 9% year-on-year. However, annual development completions remain well below historic levels, limiting the availability of modern, best-in-class space capable of meeting evolving occupier requirements.

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