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Regional Office Markets Hold Firm

LONDON-Despite a slight fall in take-up, there is little sign of a weakening in the UK's regional office markets according to the latest survey from DTZ.

By Graham Parker | Updated on June 24, 2002

LONDON-The UK’s regional office markets have remained relatively stable in the last six months according to the latest report from DTZ. Although the take-up of office space in the last six months was down 5% on the previous six months at 3.91 million sf, activity is in line with the longer term average.

There were variations in take-up between cities, however, with take-up doubling in Cardiff, up by a third in Manchester and with increasing activity in Glasgow and Leeds also. But in Belfast, Birmingham, Bristol, Edinburgh, Newcastle and Nottingham take-up fell.

Overall, the availability of space increased by 4% in the ten major UK markets outside of London. But generally availability remains low with vacancies as low as 3% of total office stock in some city centres. And with a general lack of speculative development, this situation is not likely to change.

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