Office take-up results for UK regions
An analysis of the take-up trends that might affect your office move
Many companies choose to move office because their office lease has come to an end and they don’t wish to renew, but some businesses may be on flexible leasing terms that enable them to roll with the tides of the office market.
By the end of Quarter 2 office take up varied regionally across the UK market depending on the location of office space. As is to be expected, London showed the highest take-up rates between 2003 and 2009 with a take up of 32 per cent. Following in second place was the Manchester office market with just a third of London’s success at 10 per cent. Thames Valley, known for being a popular spot with technologically-minded companies, came in third with 15 per cent. The Leeds, Bristol, Glasgow and Birmingham offices markets all managed to hit 5 per cent while Liverpool and Cardiff managed just below that at 4 percent.
As a result, London has performed at 31 per cent above the national average of the areas surveyed. Notable office moves of 2010 in terms of floor space take-up have been GE Capital Real Estate to The Ark in Hammersmith at 123,309 sq ft and Shell to 40 Bank Street in Docklands at 186,903 sq ft. Enquiries for new office space have increased in a number of city centres, including Nottingham, the City and West End districts of London and Edinburgh.
