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UK Office Market Outlook H2 2014

​Amidst a positive outlook for regional offices, this report highlights the strength of the ‘big 6’ during 2014, with both investment and occupational markets seeing exceptional years.

• 2014 take-up levels exceeded the 10-year average across all big 6 markets with total take-up reaching 5.0 million sq ft
• Vacancy rates fell in all markets, with the Grade A shortage intensifying and a big 6 vacancy rate of just 1.6%
• Active demand is up by over a third year-on-year to stand at 4.2 million sq ft across the Big 6.
• Speculative space under construction in all but one of the Big 6 markets – of the 1.6 million sq ft on site at end 2014, 400,000 sq ft has already been let
• Prime rental growth was seen in all of the big 6 markets in 2014 asides from Birmingham, although growth is expected in this market during the first half of 2015
• Strong levels of investment activity in 2014 with the £2.3bn transacted in the big 6 up nearly 80% on the previous year

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