Big 6 H1 2022 Report
Leasing momentum across the Big 6 regional market slows
- Elaine Rossall
- Barrie David
- Vicky Heath
The momentum seen in the Big 6 regional office market in the latter part of 2021 slowed during H1 2022 with take up 25% down on H2 2021 volumes. Bristol however bucked this trend and saw office leasing activity increase by 18% in comparison to the second half of 2021.
Supply across the Big 6 regional markets started to decline whilst new build space dominates construction. Prime rents continued to increase across the Big 6 with Bristol and Edinburgh seeing the strongest growth.
The UK investment market saw transaction volumes total £29.0 billion during the first half of the year. Within the Big 6 markets office investment volumes totalled £743 million in H1, with Q2 activity accounting for £517 million. Birmingham and Manchester have dominated activity so far this year, particularly during Q2 when Birmingham’s volumes of £261 million and Manchester’s volumes of £161 million accounted for 82% of the quarterly total across all six cities.
Read more in our Big 6 office market report, available now.