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Take-up of UK office space up on last year | 25 October 2013

Take-up of UK office space outside of London has steadily improved this year, according to new figures.

A report, compiled by researchers at Savills, has indicated that the Midlands market has shown particularly impressive growth – with Birmingham and Leeds already having posted 128 per cent and 107 per cent increases on last year’s office take-up figures respectively.

Manchester and Bristol have also posted notable increases in office take-up in the first three-quarters of this year. The report, which can be read in full on savills.co.uk, predicted that office take-up will increase by 17 per cent in 2014.
However, Savills head of office agency Jeremy Bates has questioned whether this growth will be able to continue in the future.

In an interview with property-magazine.eu, he questioned whether there is a sufficient enough supply of office buildings to satisfy the demand for new space.

He said: “There is a widespread sentiment that UK businesses are doing better and that headcount growth, leading to an increase in the level and size of new enquiries, is going to come forward shortly.

“The concern for occupiers is that there is relatively little quality office space currently available for them to chose from and unlike other sectors, most notably retail and industrial, office occupiers more traditionally consume speculatively built vacant product than pre-let or build to suit.”

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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Posted by Andrew Smith
+44 (0) 20 7726 3200.
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