{"id":43178,"date":"2024-03-15T13:26:03","date_gmt":"2024-03-15T13:26:03","guid":{"rendered":"https:\/\/www.bco.org.uk\/?p=43178"},"modified":"2024-06-10T13:29:02","modified_gmt":"2024-06-10T13:29:02","slug":"bco-north-commercial-office-market-predictions-2024","status":"publish","type":"post","link":"https:\/\/www.bco.org.uk\/bco-north-commercial-office-market-predictions-2024","title":{"rendered":"BCO North: commercial office market predictions 2024"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"43178\" class=\"elementor elementor-43178\">\n\t\t\t\t<div class=\"elementor-element elementor-element-edc2c28 e-flex e-con-boxed e-con e-parent\" data-id=\"edc2c28\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-446604e elementor-widget elementor-widget-image\" data-id=\"446604e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"360\" src=\"https:\/\/www.bco.org.uk\/wp-content\/uploads\/2024\/06\/Untitled-design-4.png\" class=\"attachment-large size-large wp-image-43179\" alt=\"\" srcset=\"https:\/\/www.bco.org.uk\/wp-content\/uploads\/2024\/06\/Untitled-design-4.png 640w, https:\/\/www.bco.org.uk\/wp-content\/uploads\/2024\/06\/Untitled-design-4-300x169.png 300w, https:\/\/www.bco.org.uk\/wp-content\/uploads\/2024\/06\/Untitled-design-4-600x338.png 600w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-ab3c8e5 e-flex e-con-boxed e-con e-parent\" data-id=\"ab3c8e5\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-8b99343 elementor-widget elementor-widget-text-editor\" data-id=\"8b99343\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-weight: 400;\">In this blog, David Porter \u2013 Head of the Manchester Commercial Office for\u00a0<a href=\"https:\/\/www.knightfrank.co.uk\/contact\/people\/david-porter-00000267\">Knight Frank<\/a>\u00a0and Vice Chair of British Council for Offices in the North \u2013 offers the lowdown on the region\u2019s thriving office market.<\/p><p style=\"font-weight: 400;\"><strong>2023: a mixed bag<\/strong><\/p><p style=\"font-weight: 400;\">According to\u00a0<a href=\"https:\/\/www.knightfrank.com\/uk-cities\/category\/publication\/uk-cities\/2024\">Knight Frank\u2019s UK Cities 2024<\/a>, different factors, including economic difficulties, high costs, and conflict overseas, challenged office market activity in 2023. The result was a broad decline in office take-up, with investment volumes falling below average.<\/p><p style=\"font-weight: 400;\">However, looking at the North on a city-by-city basis, there were some significant stand-outs last year:<\/p><ul><li style=\"font-weight: 400;\">Despite the second half of the year showing improvement, office take-up in <strong>Manchester<\/strong>\u00a0fell short of the 1m sq. ft. mark, finishing at 942,000 sq ft. \u2013 which is 14% below the five-year annual average. Manchester saw 221 deals completed against an average of 213; above the five-year average.<\/li><li style=\"font-weight: 400;\">Compare this to <strong>Leeds<\/strong>, which experienced strong occupier demand in 2023, with the city registering the highest level of annual take-up in four years. A total of 651,461 sq. ft. was acquired, 10% above the five-year annual average and a 9% year-on-year increase. The number of deals rose slightly from the previous year: 127 completed, which was 17% above the five-year annual average.<\/li><li style=\"font-weight: 400;\">In <strong>Sheffield<\/strong>, occupier activity increased in 2023, with take-up of 374,120 sq ft. \u2013 a 21% increase on the previous year that was 6% above the 10-year annual average. Despite above average levels of take-up, just 40% was for grade A space, owing to the lack of suitable space available in the city.<\/li><\/ul><p style=\"font-weight: 400;\">So, while the overall outlook for the UK in 2023 wasn\u2019t exceptional, there was definite cause for optimism, especially in the North \u2013 a huge growth area for commercial development.<\/p><p style=\"font-weight: 400;\">It\u2019s now time to turn our attention to this year, and look forward to a successful year for the office market.<\/p><p style=\"font-weight: 400;\"><strong>What\u2019s in store for 2024?<\/strong><\/p><p style=\"font-weight: 400;\">Businesses will continue to look through a \u2018green lens\u2019 when it comes to achieving environmental goals through their investment in commercial spaces.<\/p><p style=\"font-weight: 400;\">ESG standards, including energy-efficient upgrades and green certifications, are vital for investors, occupiers and lenders. But according to Knight Frank\u2019s latest research, approximately 79% of office spaces in the UK fall short of an EPC B rating, requiring upgrade work to avoid depreciation or obsolescence.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>With 2024 in full swing, it\u2019s a good time to take stock of the current state of the commercial office landscape<\/p>\n","protected":false},"author":42,"featured_media":43179,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,98],"tags":[7],"class_list":["post-43178","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-media-hub","category-blog","tag-blog"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BCO North: commercial office market predictions 2024 - 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