A third nationwide lockdown ensured that office leasing activity remained subdued across regional cities in the first three months of 2021.
A total of 699,000 sq ft was let across the six major office hubs, according to data from EG Radius, which is 44% down on this point last year, and 39% below the five-year quarterly average.
The largest single transaction in Q1 came in Leeds, where DLA Piper’s 83,000 sq ft prelet at City Square House helped the city to buck the wider trend as the only location to see an uptick on Q1 2020 take-up volumes.
Against this backdrop of sedate overall activity, there remains the consolation that demand for high-grade space is holding up comparatively well across the country, with headline rents either stable or rising even in the face of increased levels of office supply.
To send feedback, e-mail graham.shone@eg.co.uk or tweet @GShoneEG or @EGPropertyNews
