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Office take up across the UK has hit record levels, not seen since 2001. Economic recovery and growing confidence nationwide has led to more companies taking up space, especially in Central London where there has been an 11% year on year rise, the most since 2000. Similarly, large Canary Wharf deals drove take up in the Docklands up to record levels. However, it is not just in prime London areas where take up has increased. Regional markets have also shown levels of record uptake; specifically thriving markets in Manchester and Edinburgh, with highs of 2001 and 1.3m sq. ft. in take up respectively.
Teresa Beatty, surveyor at tenant acquisition specialist Morgan Pryce, believes there could be a multitude of factors behind the surge in uptake,
“Whilst the economic upturn and growing confidence across the UK has allowed companies to expand, move or take up first time space, there are other driving factors behind the record levels that have been seen this year. We have seen over 11m sq. ft. of office space being earmarked for conversion to alternative use, through the Permitted Development Rights scheme. With this due to end in May 2016, there has been a surge, especially in Central London where there are huge profits to be had, of changes of use. As a result more and more tenants need to take up space. This paired with a significant loss of space in the market could explain the drive in take up numbers.”
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.