Regional office take-up trends are becoming increasingly disparate, with sales in Aberdeen rising, but dropping in Edinburgh.
In the first half of 2011, Aberdeen office take-up more than doubled to 450,000 sq ft from H1 2010. Cardiff, Leeds and Sheffield also saw increased occupancy during the same period, said Knight Frank.
Cardiff benefited from Admiral Insurance committing to a 200,000 sq ft building, while Aberdeen office demand continued to be fuelled by the North Sea oil industry.
However, cities including Edinburgh, Glasgow and Liverpool all had a reduction in take-up during H1, with Liverpool slipping by more than half from the same period last year, to under 50,000 sq ft.
Knight Frank said there is a diminishing supply of offices in some areas, including Edinburgh, where supply fell 47% from H1 2010.
David Porter, head of Knight Frank North West commercial, said: “The occupational markets still remain tough, but with diminishing levels of grade-A supply, we expect some occupiers to consider taking advantage of the deals on offer now in order not to miss out.”
joanna.bourke@estatesgazette.com
