The cost of renting office space across the UK remained broadly stable during the first half of the year, according to the numbers and a new report compiled by BNP Paribas Real Estate.
Costs associated with renting offices can vary dramatically from one region or city to the next in Britain as anywhere else of course but BNP Paribas’ figures show a general steadiness in rent prices nationwide.
Central London’s various districts and business hubs are the leading scenes of activity within the UK office space market as a whole, with the cost of renting in these areas comfortably higher than everywhere else in the country.
According to BNP Paribas, rent rates across the capital were largely unchanged in the first half of 2012, with the Docklands proving the only notable exception as the rates being asked fell to £62 per sq ft on average.
“It is unsurprising that occupancy rates have remained fairly stable across the country, as occupiers are still looking to secure good deals within Grade A offices,” commented Dan Bayley, managing director in Central London for the firm behind the recent report.
“Looking forward, new enquiries are likely to be slow during the summer months and the Olympics. However, as we draw closer to the end of the year we expect activity to pick up again slowly, as there is already a number of high profile deals in the pipeline.”
Earlier this month, Knight Frank, another well known real estate advisory firm, released its latest findings on the UK’s regional office market with performance generally having beaten expectations in the second quarter of the year. Particularly strong office space rental activity was noted in Scotland’s three largest cities of Glasgow, Edinburgh and Aberdeen.