Mixed Fortunes for Office Space Market in Key UK Cities
The market for office space in Birmingham, Manchester and Leeds has remained steady according to research from commercial property experts Drivers Jonas Deloitte, indicating a period of stability in the office space market of these key UK cities following the declines reported during the UKΓÇÖs recession.
In the drivers Jonas Deloitte research, which tracks the average rents for Grade A and Grade B office space within these UK cities, the cost of commercial office space in Birmingham and Manchester has remained unchanged during the last two financial quarters while office space in Leeds has remained stable for nine months.
In contrast however the property agentΓÇÖs research shows a slight decrease in headline rents on Grade B office space in both Edinburgh and Glasgow between April and June, while prime rents on Central London office space increased between March and June.
With Central London championed as the epicentre of recovery, a position which has already gained ground given the large property deals occurring within the city since the beginning of 2010, Drivers Jonas Deloitte indicate that regional markets could begin to experience an increase in office space values in the near future as senior surveyor Phil Cluer at Drivers Jonas Deloitte in Leeds explained to thebusinessdesk.com:
ΓÇ£While it may be too soon to talk of green shoots, the report shows that the decline in values brought on by the recession has stabilised .If rents in the capital continue to rise and the wider economy continues its tentative recovery, Leeds remains well positioned to take advantage of a positive shift in the market.”