Most Of UK’s Major Cities See Office Prices Drop
FreeOfficeFinder has revealed that the office and coworking industries in UK’s major cities are feeling the pressure due to the effects of the ongoing pandemic.
The figures, which range from January 1 to September 30, have revealed that almost all major UK cities have seen desk price drops. Of those cities, Manchester saw the smallest drop with just one percent and Edinburgh saw the largest with 13%.
Edinburgh had not seen a drop in coworking desk prices since the beginning of the year. On the other hand, Leeds saw a 28% dip during this time, with Birmingham following close behind at 21%.
London has seen large drops, as well as some rises. Canary Wharf in particular has seen private desk costs fall by one-third since the beginning of the year. This is largely due to large financial companies not anticipating a mass return to the office.
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However, the only central London area that saw a rise was Southwark, which saw an uptick of 16%.
“Given the latest government announcement and the fact many people are still working from home, it is difficult to see any rise in prices until next year,” said Nick Riesal, managing director at FreeOfficeFinder. “Landlords are trying to stimulate the market in a number of ways – including free rent deals until the end of the year and rent-free periods in the event of any lockdowns.”
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