The final flush of quarter two figures arrived this morning. Today, it was Jones Lang LaSalle‘s turn with its office clock which showed the majority of the regional office rents are bottoming out (you can see the clock by clicking on the continue reading link below).
Edinburgh and Leeds are the furthest behind while in the City of London and the capital’s West End it reckons rents are accelerating.
But tick, tock, like the ominous ticking of crocodile in Peter Pan, JLL’s office clock might have some wishing they could fly off to Never-Land.
Stripping out Glasgow and the Western Corridor take up is lower than quarter one as concerns over the Eurozone and at home those austerity measures continued to bite. In the six key regional centres JLL monitors outside London (namely Birmingham, Leeds, Manchester, the Western Corridor, Edinburgh and Glasgow) there were few requirements for space abouve 25, 000 sq ft. It expects deal sizes to stay small for the rest of the year.
Government demand slipped from a quarter of all activity last year to 13% in the quarter jut gone. This is something the agency warned about when it published it’s last office clock and unfortunately, that prediction seems to be finally coming true.
Peter Pan’s crocodile by Loren Javier from Flickr