UK regional office take-up surged in Q3 2024, driven by a handful of larger deals completing. 

Key findings from our Q3 2024 report indicate that:

• Total take-up reached 1.47m sq ft, exceeding the five-year quarterly average by 34.3%.
• A return of larger deals (exceeding 50,000 sq ft) boosted Q3 activity, particularly in Birmingham and Manchester.
• However, question marks remain over whether this can last, considering the shortage of Grade A stock either available or in development.
• Government and education became the most active sector in Q3, while both banking/finance and professional services also reported quarterly uplifts.
• New record rents continue to be achieved, resulting in prime rents increasing 6.9% year-on-year on average across the Big Ten markets, with further uplifts expected before year-end.
• Bristol leads the way at £48 per sq ft, followed by Edinburgh (£46), Manchester (£44), Birmingham (£42.50) and Glasgow (£39.50).
• Over a third of office space under construction has been pre-let, with more expected to complete in the final quarter.