UK office take-up sees biggest boom since 2008

18 April 2016 | Herpreet Kaur Grewal

The first quarter of 2016 has witnessed the highest level of office take-up across the ‘Big Nine’ cities since 2008, according to Bilfinger GVA’s regional review of office occupier markets. 

This has amounted to 2.3 million square feet – 13 per cent above the five-year quarterly average. It continues the strong occupational story of the past two years. Q1 figures are characterised by a significant number of larger deals – six over 50,000 sq ft, with Morgan Stanley’s 155,000 sq ft pre-let in Glasgow standing out. 

And the construction market is responding to this demand, with the latest wave of activity initiated by Paradise and 3 Snowhill in Birmingham, and 122 Waterloo Street in Glasgow, according to the report. 

 

The ‘Big Nine’ are Bristol, Cardiff, Birmingham, Liverpool, Manchester, Leeds, Newcastle upon-Tyne, Edinburgh and Glasgow.