Office space in the UK is expensive

The lack of commercial space for offices, graded as Grade A, in regional UK cities has led to a significant increase in the cost of office space.

The amount of available office space fell by 18% compared to 2007 levels . A large number of office buildings and buildings undergoing reconstruction.

The shortage of offices has led to speculative expectations of sellers and realtors and growth in rental prices of office space. In connection with the total lack of offices has decreased the price gap between new office space and a well repaired old.

For example, new space for offices in Bristol are available now on the market for £28.5 lbs for 1 sq ft, and upgraded facilities – at £27 pounds. Similarly in Leeds, the new premises are offered at £27 pounds for 1 square foot, and repaired for £26, with a difference of just a pound.

Most likely, this situation should improve in 2016 when new offices are being built everywhere, will be commissioned.

However, the widespread creation of new jobs across the UK has ensured the demand for new quality office space in locations with developed infrastructure and good communication with the regional cities or in the cities themselves.

According to the forecasts of the real estate company Savills, Bristol will see an increase in rents for offices by the end of 2016 is 18%, Cardiff 9%.

The share of investment in office building destination has increased over two years from 2013 to 2015 from 16% to 31% of the total market share in 2015, according to data provided by Savills, the level of investments in office properties, 56% higher than the average of the last 10 years.

Considering that the demand for quality office space in the near future will remain, Savills predicts investor interest in this sector, especially where the lack of supply kompensiruet the creation of new office space.

® Maxim Savitsky. G. 01.03.2016

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