UK Cities Quarterly Dashboard - Q3
Q3 2023 sees a 27% surge in UK Cities' occupational take-up, defying 5-year averages and reflecting proactive occupiers.
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In Q3 2023, UK Cities' occupational take-up increased by 27% quarter-on-quarter, surpassing the 5-year average by 3%. Across the markets, 7 out of 10 cities across the markets showed quarterly growth, with 6 exceeding the equivalent deal count of 2022. Underpinning the markets are proactive occupiers reacting to the tight current and future supply landscape by securing space ahead of a lease event.
By contrast, investment activity remained challenged by high borrowing costs and misaligned buyer and seller expectations. However, the anticipated end to rising interest rates and projected cuts in 2024 may stabilise market pricing and unlock active capital.
Read our latest UK Cities Quarterly report here.