28 August 2019 | Herpreet Kaur Grewal
Demand for office space remains strong in the UK despite economic uncertainty, according to a report by real estate adviser Avison Young.
The second half of 2018 saw some of the strongest activity on record posted across the UK's top 10 markets.
Outside of London, Barclays leased 470,000 square feet of commercial space at Buchanan Wharf in Glasgow - the largest regional office deal on record.
In London, Facebook took 610,000 square feet at King's Cross Central during the second half of 2018 - signing the largest central London leasing deal since 2010.
Although the first half of 2019 was slightly more subdued, grade A office product take-up activity remained strong, with pre-lets accounting for an increasing proportion of tenant demand.
But second-hand space is proving harder to let, particularly units comprising less than 5,000 square feet - a bracket that has been affected by the growing co-working sector.
Some of the largest serviced office deals on record were done in the first half of 2019, including WeWork's deal for 122,000 square feet of floor space at 125 Deansgate in Manchester, foreshadowing the arrival of a greater expansion of co-working presence in the nation's key regional cities.