Office enquiries and demand for Q2
Results of the office occupier survey for the second quarter show increase in Grade B office space demand
During Q2 a number of changes have occurred in the trends of office occupation for the commercial property sector. Results at the end of Q2 have shown an increase in the take up of Grade B space as opposed to Grade A offices, which suggests that companies who are moving office are taking more cost-effective options in order to secure space in prime areas. The take up of Grade B space even overtook the amount of Grade A space let, taking a majority share at 58 percent. Grade B office space tends to comprise of offices that have good quality second hand refurbishment, while Grade B offices have high quality or new fixtures and fit-out.
Take up in London is currently still at the forefront of office occupancy demand, with a take up of 464,350 square feet recorded. Thames Valley came in at second place with 250,819 square feet of commercial space taken by tenants. Manchester and Glasgow were level pegging at just over the 100,000 square feet mark while Birmingham and Bristol reported almost identical results at around 59,000 square feet. Newcastle reported the lowest take up of all the city centres with only 14,818 square feet leased at Q2. In terms of enquiries, Exeter ranked low in the results, with Cardiff, Southampton and Leeds doing better on the lower end of the scale. London still managed to get the biggest number of enquiries, closely followed by Manchester.
