Following a strong second quarter, 1.4m sq ft transacted across the UK office markets during Q3. This brought the year-to-date total to 4.4m sq ft. This is 21% behind the same period in 2018.
The largest deal of the quarter, and indeed the year, totalled 273,000 sq ft of pre-let space acquired by JP Morgan Chase in Glasgow.
Over the last 12 months, the business services sector has accounted for the largest proportion of take-up at 28%, including 800,000 sq ft of deals to flexible office operators.
Availability across the UK office markets grew by 4% during Q3 to total 13.6m sq ft.
The increase in availability was caused by a 6% jump in secondhand space whilst the availability of new and early marketed space remained stable. Bristol, Edinburgh, Glasgow and Manchester all saw increases in available new space.
At the end of Q3, there was 6.6m sq ft under construction across the UK office markets, of which 42% had already been let or was under offer.