The UK’s ‘Big Nine’ regional office markets are on track to record their strongest year of investment activity since 2022, according to new data from Avison Young.
Investment volumes reached £344m in Q3 2026 across the Big Nine markets, representing a 22% increase on the previous quarter. This brings investment volumes to £1.1bn year-to-date, 25% ahead of the same period in 2025.
Prime yields remain stable, holding at 7.22% compared with the long-term average of 5.81%. The quarter’s two most significant deals saw Forma & Patron Capital acquire 2 Snowhill for £88m and Martley Capital purchase Priory Court and The Lewis Building for £60m (pictured).
Office leasing activity across the Big Nine markets reached 1.7m sq ft in Q3 2026, down 13% on Q2 and 17% below the 10-year quarterly average. Birmingham bucked the downward trend with quarterly take-up reaching 288,156 sq ft – 151% above its Q2 performance – with prime rents rising 14.3% year-on-year to £52/sq ft – the second highest increase across the Big Nine.
The leasing picture in Bristol was also positive, with take-up reaching 173,246 sq ft in Q3, 19% above the 10-year average. Prime rents in Bristol are now the highest across the Big Nine, rising to £55/sq ft in Q3, reflecting quarterly growth of 5.8% and annual growth of 10%.
Guy Spencer, director and head of national capital markets at Avison Young, said: “There are clear reasons for optimism in the regional office investment market. Activity is gathering pace as investors recognise the value available in the regions, particularly in well-located buildings that can provide reliable income and benefit from rental growth. The market is not recovering at the same rate everywhere, but that is creating opportunities for buyers who can identify assets with the right fundamentals.
“The shortage of modern, high quality space is becoming increasingly pronounced. Businesses are looking for offices that help them attract talent and meet higher expectations around connectivity and sustainability, but the development pipeline remains limited. That imbalance should support higher rents for the best buildings and give investors greater confidence to continue investing in our regional cities into 2027.”
