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Office market recovery boosting UK regions | 19 January 2015

Office market recovery boosting UK regions | 19 January 2015

More than 6.3 million square feet of office space transactions were conducted across the UK in 2014, a new report by CBRE reveals.

Scotland had some of the greatest results last year, a trend which was no more apparent than in Aberdeen. During 2014, the city saw one of the highest regional annual increases in terms of office space take up, as the number of transactions rose by 44 per cent. In total, some 1.03 million sq ft of office space in Aberdeen exchanged hands during 2014.

It was similarly good news across the rest of the UK, as nine key regions saw market expansion of 15 per cent, reports heraldscotland.com.

However, Bristol experienced the most dramatic rise in office space take up, as demand increased by 61 per cent. Almost 820,000 sq ft of space was purchased in the city in 2014. Manchester also saw an impressive rise of 45 per cent.

Numerous other cities across the North outshone their southern counterparts, with office occupation in Leeds, Edinburgh, Liverpool, Birmingham and Glasgow outgrowing that seen in the South East, where new space ownership reached 2.35 million sq ft, reports cityam.com.

Ashley Hancox, CBRE senior director, said demand is expected to remain strong throughout 2015, which will put pressure of the lack of available Grade A office space.

“Business confidence is a crucial indicator of future economic performance and these figures show that businesses large and small feel secure enough to commit to larger office space,” he stated.

“It’s particularly encouraging that the highest levels of office take up is taking place in the regions – exactly where it is needed for the UK to continue to have a balanced and robust recovery.”

The views expressed in this post are those of the author and are not necessarily those of Qube Global Software. All facts are verified where possible directly by the author.

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