Office supply remains static at 1.508m, however, the share of space has moved away from grade A to grade B and C.
Occupiers are taking the opportunity to move into better quality accommodation as the market improves.
There is strong demand for office to residential conversion with prices rising and we have witnessed a number of suitable buildings for conversion coming to the market.
There continues to be severe shortage of prime office buildings available in the region. Only 11% of all current supply is considered grade A, some of which is refurbished older stock.
Grade A supply in city centre locations is now less than 2%, pointing to an opportunity for speculative development.
For a detailed breakdown of supply by centre, click here, or for a breakdown by grade, click here.