Research

Big 6 H2 2022 Report

Latest research covering the UK's regional office markets in Birmingham, Bristol, Edinburgh, Glasgow, Leeds, and Manchester.

March 01, 2023
Contributors:
  • Elaine Rossall
  • Barrie David
  • Vicki Heath

Leasing activity in the Big 6 picked up pace during the second half of 2022, increasing by 19% on the first 6 months of the year. Just under 2.4 million sq ft was let, with the final quarter recording the highest quarterly leasing activity since the beginning of Covid-19 (Q1 2020).

The Big 6 vacancy rate fell for the fourth consecutive quarter to reach 5.5% by the year end. This is the lowest level since Q4 2020 and was marginally above the five year quarterly average of 5.3% but well below the 10- year average of 6.6%.

In terms of the development pipeline, the increasing focus on sustainability is evident, with five of the anticipated 2023 completions targeting a BREEAM Outstanding rating. As sustainability regulation becomes more stringent, developers will increasingly focus on bringing forward NZC offices with higher levels of certification through BREEAM or WELL for example.

Investment activity in the Big 6 office markets totalled £1.6bn in 2022. Across the Big 6 Manchester and Birmingham dominated activity in 2022. Investment activity in Manchester totalled £421m, accounting for 26% of total Big 6 off ice transactions. This was followed closely by Birmingham, where investment totalled £402m, 24% of total Big 6 office transactions.

Read more in our Big 6 office market report, available now.

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