Big 6 H1 2023 Report
Overview of the regional office market across the UK
- Elaine Rossall
- Vicky Heath
- Barrie David
- Jeff Pearey
- Oliver Paine
Our Big 6 regional office market report explores the performance of the six largest cities in the UK outside of London which are Birmingham, Bristol, Edinburgh, Glasgow, Manchester, and Leeds. In H1 2023, leasing activity in the region showed a decline compared to the previous year, down 7% compared to H1 2022 and a significant 27% decrease compared to H2 2022. Among the sectors, banking and financial firms were the most active, accounting for 21% of leasing volumes, closely followed by professional services.
Supply bottomed out at the end of 2022, at 6.2 million sq ft , and rose quarter on quarter to just under 7.4 million sq ft at the end of June.
Investment in the Big 6 off ice markets saw a slowdown in activity as volumes totalled £335 million in H1 2023, a 61% decrease on H1 2022 when volumes reached £855 million and a 56% decrease on the 10-year H1 average of £815 million. Activity was more positive in Q2 with £280 million transacted, albeit this remained down on Q2 2022 when volumes reached £611 million and 35% below the 10-year average of £436 million.
Read more in our Big 6 office market report, available now.