Flexible office space in the UK rose to 2.3 million square feet during 2019’s second quarter according to property advisors Avison Young.
This growth is up ten percent up on a 10-year average, with flexible offices and technology media taking up a big chunk of activity.
The report covered the UK’s “Big Nine” markets including Birmingham, Bristol, Cardiff, Edinburgh, Glasgow, Leeds, Liverpool, Manchester, and Newcastle. The flexible office leases included two of the biggest in the market across the region: 120,000 square feet to Spaces in Manchester and 92,000 square feet to WeWork in Birmingham.
Currently, the development pipeline in the second quarter shows 5.4 million square feet of office space under construction across the Big Nine.
“UK real estate remains a ‘safe haven’ asset and overseas investors continue to benefit from the materially weakened currency,” said Mark Frampton, Avison Young’s Principal, Investment.