Take-up in the UK office market rose 32% to 1.4 million sq ft in Q2 after a very slow first quarter, with 50% of the take-up generated by four deals, according to a new report by King Sturge. Year-on-year, however, take-up fell in Q2 by 25%.
Take-up in the UK office market rose 32% to 1.4 million sq ft in Q2 after a very slow first quarter, with 50% of the take-up generated by four deals, according to a new report by King Sturge. Year-on-year, however, take-up fell in Q2 by 25%.
Business services firms, traditionally the biggest occupiers of office space, accounted for the steepest fall in demand with take-up in this segment half the average level in Q2 2009. Public sector occupiers helped maintain momentum by acquiring 38% of the UK total whilst take-up from industrial firms was well above average in Q2.
The downturn in occupiers markets has been strongest in London and the Thames Valley. By contrast, demand for offices in Manchester has been particularly strong; over the past year the city has accounted for 20% of national take-up, with the amount of space occupied in Q2 amounting to twice the average level.
