Office leasing activity in the UK’s ‘Big Nine’ regional markets reached 1.7m sq ft in Q3 2025, exceeding the previous quarter’s performance, according to new data from Avison Young.
Despite exceeding Q2 activity, take-up levels failed to reach the 10-year average for the second consecutive quarter.
Liverpool’s Q3 office take-up rose 166% to 146,000 sq ft, marking the city’s strongest quarter since 2022 and 17% above the 10-year average. Leasing activity in Leeds rebounded in Q3, rising 67% to sit in line with the 10-year average, and in Birmingham take-up reached 207,000 sq ft in the quarter – up 37%.
Birmingham, Bristol, Cardiff and Leeds all reported rental growth in Q3, driven by developments with strong sustainability and wellbeing credentials. The prime average rent across the ‘Big Nine’ stood at £40.72/sq ft at the end of Q3, reflecting quarterly growth of 2.1% and annual growth of 5.5%.
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. This isn’t lost on those who write the cheques at investment houses.
“With just under 700,000 sq ft 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. The current viability puzzle remains a difficult one to solve and we may need to see how the public and private sectors can come together to see what levers can be pulled to bring forward much-needed prime workspace.”
Stephen Cowperthwaite, principal and managing director, UK regions and Liverpool at Avison Young, added: “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.”
