2020 started with a healthy level of leasing activity across the
Big 6 but, unsurprisingly, this was followed by a subdued Q2 as the Covid-19 pandemic impacted across all markets.
August 14, 2020
Leasing slows in light of pandemic
With the property market effectively shut down during Q2, occupiers were unable or reluctant to make significant real estate decisions. Just over 258,000 sq ft was let in the three months to June, with all cities bar Birmingham recording the lowest level of quarterly activity for at least 10 years. This took Big 6 volumes for H1 2020 to 1.6 million sq ft, which was almost 40% down on activity for the same period in 2019 and 25% below the 10-year H1 average. This disguises a variation in market performance across the Big 6. Bristol was the only market to record H1 leasing activity ahead of H1 2019, while Leeds, Manchester and Edinburgh all saw activity fall by more than 50%.
