Savill’s regional office spotlight provides an outlook for the UK’s Big 6 markets, including Bristol, Birmingham, Manchester, Edinburgh, Leeds and Glasgow.
One of the key observations is that people are still coming to the office and although it may not be five days a week there is a demand for first-rate space ‘where in many cases occupiers who are downsizing are willing to pay an average of 54% more rent per sq ft in order to secure a higher quality of space.’
Savills’ also reported that ‘Five of the Big 6 markets recorded prime rental increases in 2022, with Bristol and Leeds achieving 12% and 6% growth respectively.’
Rental increases are not just a trend for 2023 but will continue an upwards trajectory where Savill’s predict that ‘prime rents could be as high as £45 per sq ft in Bristol, with all of the regional Big 6 markets expecting to surpass the £40 per sq ft in 2025.’
