Prime rents soar 5.5% in UK's Big Nine as office supply dries up

Prime office rents in the UK's "Big Nine" regional cities have increased by 5.5% over the past year due to a shrinking supply of available space.

Offices - Avision Young

According to Avison Young, these nine cities (Birmingham, Bristol, Cardiff, Edinburgh, Glasgow, Leeds, Liverpool, Manchester, and Newcastle) saw 157,935 m2 of office space taken up in Q3, an improvement over the previous quarter. Most of this demand (66%) was for well-connected, amenity-rich city-centre locations.
With businesses seeking top-tier offices, prime rents are rising, especially in markets with limited supply. Birmingham, Bristol, Cardiff, and Leeds all experienced rental growth in Q3, driven by new developments emphasizing sustainability and well-being. The average prime rent across the Big Nine now stands at £40.72 per square foot, a 2.1% increase from the previous quarter.
Despite the Q3 improvement, overall take-up remains below the 10-year average for the second consecutive quarter. This reflects the challenges of tight supply, economic shifts, and evolving occupier needs. The availability of high-quality (Grade A) office space is particularly constrained, with overall vacancies dropping to 10%. Avison Young predicts this shortage will continue, as only 64,475 m2 is expected to be completed in 2026, significantly less than the historical average of 204,386 m2 of deliveries seen per annum between 2020-2024.
Individually, some cities showed strong performance:
Liverpool saw a remarkable 166% surge in Q3 take-up to 13,564 m2, its best quarter since 2022, largely due to a significant agreement with the Secretary of State at the Capital Building, which included taking possession of an additional 4,831 m2 of vacant space.
Leeds experienced a 67% rebound in Q3, with professional services driving demand, including legal firm Eversheds taking 4,366 m2 at Keelstone, Aire Park. Leeds also recorded the Big Nine’s greatest quarterly prime rental increase, as prime rents rose 8.2% to £46 per sq ft, following rental pressure at prime locations such as Aire Park and Wellington Street.
Birmingham was the most resilient Big Nine market, with take-up hitting 19,231 m2 in Q3, up 37% to mark the year’s strongest quarter. The largest deal saw the Birmingham Centre for Anatomy, Surgical and Clinical Skills (B-CASCS) let 4,738 m2 at Bruntwood SciTech’s Birmingham Health Innovation Campus (BHIC).
Bristol remains a top regional market, despite a slight dip in Q3 demand to 23,132 m2. 2025 is on track to be the city’s strongest year since pre-pandemic, with activity driven by the largest city-centre deal since 2019, with Hargreaves Lansdown letting 8,400 m2 at the Welcome Building. The region remains the highest rented Big Nine market, with prime rents rising 2% to £50 per sq ft, reflecting rental pressures and tight Grade A supply.
Chris Cheap, principal and managing director, Transactions at Avison Young, said: ‘Whisper it quietly but offices are starting to interest investors again as the demand and rental growth signals remain positive. Well-located and well-designed workspace is appealing to occupiers, especially if it helps them retain and attract talent whilst meeting their net-zero carbon commitments, and the clear message is that they are prepared to pay higher rents for it. With just under 64,475 m2 of Grade A space due for completion next year across the Big Nine though, the bump in the road is an impending undersupply of prime stock in our most important markets.”
Stephen Cowperthwaite, principal and managing director, UK Regions and Liverpool at Avison Young, said: “There are some very clear positive signs across the regions of the UK, with increased occupier activity, rental growth and renewed confidence beginning to flow back into the market. While challenges remain, the strength of demand for sustainable, high-quality office space demonstrates that businesses continue to see the long-term value in investing in the regions. The underlying issue of a lack of quality stock, resulting in prime vacancy at record lows, means that 2026’s focus must be on delivery of new Grade A space to support the ambitious Growth Plan for the region and capitalising on the city’s strengths to attract new occupiers.”
Julian Watts, managing director, Bristol and South West at Avison Young, added: “Bristol continues to be one of the UK’s strongest regional office markets, with high-quality, centrally located office space driving robust take-up. It is encouraging to see the largest city-centre deal in six years from Hargreaves Lansdown who acquired 8,361 m2 in the Welcome Building. This reflects the region’s ability to attract and retain major corporate businesses who continue to invest and recruit workforce in the area, driving economic activity. Strong rental performance and sustained occupier demand is being fuelled by the city’s focus on schemes that provide amenity-rich, highly sustainable and wellbeing-led designs.”