UK locations in demand for commercial office space
UK commercial office space take-up grew in Q3 2023 and is expected to continue growth for the rest of the year with certain office locations in high demand
Office take-up grew in Q3 2023 and is expected to carry on doing so over the rest of the year and beyond. While the overall figure is still below the five-year average, it is becoming apparent that certain office types are in higher demand than ever.
Firstly, high quality offices are proving to be extremely attractive, whereas many companies in previous years have settled for average spaces. Now, amenity-rich buildings with high specifications are leading the way as businesses look to find an advantage that will help them hire and retain the best employees.
Secondly, offices which can offer sustainability benefits are more popular than ever. Research from CIM shows that more than half of businesses expect to see a consideration of sustainability in a potential office building. Furthermore, 89% of businesses said sustainability was a key part of their employee retention strategy.
Thirdly, spaces which offer superior access to road and rail links are preferred in the age of hybrid working. Commuting five days a week is in the past for many workers, and an office with excellent transport links which make it easy to get in and out of work offers an instant advantage.
More businesses than ever before are showing a willingness to invest spaces which meet these criteria. Markets which can provide buildings which meet them are seeing an increase in enquiries and leases.
With the above in mind, some examples of popular locations include…
Southampton is booming with an economy worth over £7bn and a further £1.5bn+ being invested in the city by the end of the decade by Southampton Council. It is simultaneously an internationally significant port which serves multi-national corporations and a hotbed for innovative start-ups.
The seven-storey Frobisher House has recently been refurbished and is located opposite Southampton Central Station and offers a Grade A office experience that is unmatched in the city. A commitment to sustainability exemplified by the carbon-absorbent mural on the exterior, goes along with this convenient location to make this Southampton’s premier office experience for companies of all sizes.
Space is available from individual offices up to whole floors now. Learn more about Frobisher house and renting office space in Southampton today by clicking here.
Peterborough is a fast-growing city which is seeing a large investment drive and offers outstanding access to London, making it the perfect location for growing and established businesses. However, there is a lack of high end offices which is making any Grade A spaces especially popular.
Lynch Wood Park is a superb example of this. Located a short journey from the centre of Peterborough, it has recently undergone a multi-million-pound refurbishment and offers everything that the modern business needs. High specification office space with easy access to the motorway is enhanced by a range of amenities including parking, EV charging points, bike and shower facilities, unrivalled landscaped gardens featuring a maze and a pond, an Anytime Fitness gymnasium, a restaurant and four state-of-the-art meeting rooms.
Learn more about Lynch Wood Park, see availability and get in touch with the team today by clicking here.
Swindon is in the middle of a modern economic transformation that is bringing major investment to the town. Proximity to London, Bristol and Oxford via road and rail makes it the gateway to the South West and a high potential destination for businesses.
FI Real Estate Management is extremely proud of our £7.5m refurbishment of 3 Newbridge Square. This work has created a state-of-the-art office building that has raised the bar in Swindon and plays a key role in the town’s economic future.