Sarah Morley and Ben Butterworth write for Costar on the take-up of office space in the UK
In August, CBRE published data suggesting that the take-up of office space in the UK is at its highest level since Q3 of 2022 – 20.3 million sq ft in total – and suggested that “occupiers are starting to take larger office footprints again”.
Businesses are looking to drive their employees back to the office more frequently in the week. To do that, they need to not only have sufficient space to accommodate them but ensure that space is sufficiently attractive to encourage staff to undergo the commute.
Sarah Morley, Partner, and Ben Butterworth, Associate, in our Real Estate team say that the report is encouraging and very much reflective of what they are seeing in the market.
In an article for CoStar, they discuss the prevalence of regears (where tenants renegotiate lease terms rather than relocate) and the shift towards green leases.
If occupiers do decide to move rather than regear, what kind of spaces are they looking for? As always, the answer is it depends. We have recently been considering whether, given the move towards green leases, there is still a place for traditional less green office leases...
Read the full piece in CoStar here (subscription required).
