Jitters in the regional office market deepened in quarter three as take-up dropped 24% on the previous quarter. Last week we reported figures were down by 27% on the same time last year, this week we take a forensic look at those numbers.
Take-up across the six key regional cities continued a three-quarter slide, plummeting to the lowest level since EGi offices research began monitoring the market, with numbers less than half of the Q4 2014 peak.
Worst affected was Edinburgh, which saw a 61% year-on-year drop.
The supply rate at 11% is now only just above the crucial 10% mark said to balance healthy supply with rental growth. Manchester and Edinburgh have already slipped below this level. As a result average rents saw some recovery, up 0.5%, with headline rents static for four quarters.
