Small deals lead to big changes in office market
Your office move could be contributing to a wider change in your area’s commercial property market
It is often said that if you look after the pennies then the pounds will look after themselves. A similar trend is occurring in the regional office market of the UK, with smaller leasing deals making up the majority of deals on the market. One such example of this is the commercial property market in Birmingham, which has made up for a lack of larger scale office deals with a volume of smaller leases. A report released by commercial property market specialists has noted that around 70 per cent of the leasing deals made across Birmingham in Q2 were concerning spaces of less than 5,000 sq ft.
The other major players in the UK office market are following similar patterns, with Edinburgh, Leeds, Manchester and the capital city of London all reflecting the same trend. Smaller office deals are doing their part to sway the pendulum of recovery and help to restore economic prosperity to their local regions by attracting an influx of business.
Companies are also opting for Grade B office space and passing over the Grade A spaces. This is stimulating a regeneration in demand for the offices that were overlooked in former periods of prosperity. In choosing to fit out these refurbished spaces, businesses are allowing older offices to have another chance at renewal.
