Jones Lang LaSalle's Big 6 Office Market Outlook Breakfast this morning was packed out.
If that's a sign no-one really knows what's going on in the region then I don't know what is.
Things learnt from this morning's presentation: Manchester has completely overtaken Birmingham as the number 1 city (in terms of take-up, see pie chart below) this year; overseas investors are 'irrantional and emotional' (JLL's words not mine); and they need a bigger room for next year's breakfast.
Source: JLL
Headline bullet points are below:
Job creation
London been the driver but, have seen job creation in wider regional economy.
Regional job creation winners: Leeds & Manchester, led by professional services.
Others have more reliance on public services so are losing a bit more ground.
Grade A take-up for all the Big 6 grade would fit in the Shard with 100,000 sq ft left over.
Birmingham deals down 5% Grade A down 40%
Bristol Grade A down 80%. JLL will be passing round a hat later for the Bristol agents
Scotland
Edinburgh Grade A up 60%
Glasgow deals up grade A down 60%
One city seen more pre lets than anywhere else in big 6 and even London - yes, you've guessed it Aberdeen. Out of town rents £27 per sq ft and JLL believe it will remain buoyant and robust. Take up was 850,000 sq ft in 2012, but there is no Grade A supply left.
Continue reading Regional office market outlook: JLL's Big 6 breakfast.

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