Over the 12 months to June 2001, the average office rental growth in the 12 regional centres analysed by Knight Frank was 7.4%. Leeds experienced the strongest growth at almost 14%. Newcastle followed shortly behind with growth of just over 11% with Glasgow, Cardiff and Manchester all experienced rental growth of 9% over the last year.
The bulk of the growth was experienced during the latter half of 2000, although the sudden market downturn seen in London and the South East has not yet spread to the regions, claims Knight Frank. In most of the main UK regional cities historically low levels of availability and development activity mean there is still upward pressure on rents.
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