UK cities outside of London gaining the most office space investment

UK cities outside of London gaining the most office space investment
NEWS FEATURES FIRE & SECURITY SUBMISSIONS RESOURCES
  • Manchester experienced the greatest take-up of office space at 1,750,562 square feet in 2018 – a 44% increase from the previous year
  • Manchester also benefited from the highest office investment volume at £989 million – an 8% rise from the year before
  • Thereafter, Glasgow saw a take-up of 962,921 square feet in office space and gained an investment level of £468 million
  • Notably, Leeds experienced an astonishing 185% year-on-year increase in office investment – from £127 million in 2017 to £362 million in 2018
  • ‘Location’ (84%) is the primary consideration in the search criteria for most businesses seeking a new office premises in 2019

Despite the economic and political turbulence caused by Brexit – aspects such as the UK’s talented labour pool, strong financial markets, transparent laws/regulations and advanced technology infrastructure – still makes the UK an attractive proposition for businesses/investors seeking to set-up or expand their operations.

Interested in office investment, commercial property specialists SavoyStewart.co.uk analysed the latest findings from several regional city reports complied by Knight Frank, to discover the total ‘investment volume’ and ‘take-up’ of office space in 10 major cities across the UK in 2018.

The 10 cities included within the research are as follows: Aberdeen, Birmingham, Bristol, Cardiff, Edinburgh, Glasgow, Leeds, Manchester, Newcastle and Sheffield.

Office Take-Up (SQ. FT)

Savoy Stewart found that Manchester experienced the greatest take-up of office space at 1,750,562 square feet (sq. ft) in 2018. In comparison to the previous year (2017) – where office take-up was 1,218,892 sq. ft – marking a significant 44% increase. 

Thereafter, Glasgow saw a take-up of 962,921 sq. ft. in office space – equating to a 52% rise from 2017, when office take-up was 633,710 sq. ft. Birmingham followed, with an office space take-up of 755,137 sq. ft.

Out of all the considered cities, Newcastle had the lowest take-up of offices at 236,928 sq. ft. Despite this, the city still had a 33% surge from the year before (2017) – where office take-up was 177,870 sq. ft. Slight above, was Sheffield, who had an office take-up of 363,584 sq. ft in 2018.

www.savoystewart.co.uk

 

UK cities outside of London gaining the most office space investment

NEWS FEATURES FIRE & SECURITY SUBMISSIONS RESOURCES