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Over the last 12-18 months, there is undoubtedly been a shortage of office space throughout the Capital. An increase in rents across London’s markets has been testament to this fact, with top rents being achieved in the West End, Midtown and City locations, whilst SE1 remains one of the tightest and most competitive markets out of them all. However, the lack of office supply is now spreading to UK regional markets. Liverpool and Manchester, two thriving regional markets, are in danger of falling behind other UK regional markets unless developments are increased. Manchester has seen a drop in office availability by nearly 25% in the last year, whilst Liverpool has seen a drop of nearly 5%. With companies looking to expand and locate themselves in the North West, these markets may be in danger of falling out of favour due to a lack of supply.
Similar circumstances are facing those looking for space in Cardiff, with 290,000 sq. ft. of requirements currently out there in market – 3 times the amount of grade A space that is available. Ollie Salter, surveyor at Morgan Pryce, believes that the lack of space could be problematic for the North West and Cardiff,
“With the likes of Birmingham, Leeds and Edinburgh all being subject to large scale developments in the future, the North West needs to consider its own development options. Much of the new developments that will come onto the market in 2016 are expected to be pre-let or under offer before the end of the year. However, I cannot believe that the strength of the Manchester market won’t warrant more development and investment over the next couple of years.”
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.