We are pleased to share with you our latest publication, The UK 5. We once again delve into the 5 largest regional city office markets around the UK: Birmingham, Bristol, Glasgow, Leeds and Manchester.
In the dynamic environment of 2023, businesses navigated through inflationary pressures and sectoral challenges, which significantly impacted their decisions on workforce and workplace strategies. The UK’s major office locations witnessed the ripple effects of the economic downturn, with leasing and availability volumes reflecting the prevailing sentiments.
Despite these challenges, there’s a palpable sense of confidence among businesses as they pivot towards solidifying their workplace strategies in the coming years. Regional office hubs are emerging as focal points, spurred by post-pandemic dynamics such as hybrid-working policies and the need to access diverse talent pools.
Some key takeaways from our research include:
Birmingham
- Leasing increased by 8% in 2023
- Prime rents remained stable at £41.00 per sq ft
- Flex office pricing increased by 12% in H2 2023
Bristol
- Leasing activity reduced in 2023, to approx. 418K sq ft
- Prime rents remained at £42.50 per sq ft
- Average flex price was £300 per desk, per month at the end of 2023
Glasgow
- Office availability increased in 2023 by 3%
- Prime rents rose by 7% to £38.50 per sq ft
- Flex pricing is pegged at an average of £262 per desk, per month
Leeds
- Availability of office space reduced by 10% in 2023
- Prime rents increased to £38.00 per sq ft
- Office leasing fell by a third in 2023
Manchester
- 1 million sq ft of office space was leased in 2023
- At £43.00 per sq ft, Manchester has the highest regional prime rent
- Flex pricing up by 7% to an average of £400 per desk, per month
Looking ahead, the 2024 local and national elections are poised to elevate discussions on regional development, with ‘levelling-up’ taking centre stage in political discourse. The question arises: can regional cities seize this opportunity to thrive?
Click on the report image below to download the document.
If you would like any further information on this report, please do not hesitate to get in touch, or alternatively you can find out more at our website www.devono.com.
