It may only be the 1st December but that hasn’t stopped some of the UK’s regional office space markets raising a glass of xmas bubbly to the latest research from commercial property agents Savills.
Their latest UK Office Market Report for Winter 2010 is the first from the major group of property agents to make predictions for the UK’s regional markets in 2011 – so it has made interesting reading for landlords and tenants alike.
Climbing to the top of the office space Christmas tree in the report is Cambridge with predicted rental growth rates of just over 6% – nudging the normally dominant London office space market down in the pecking order with a figure of 5%.
The M25 and Manchester office space markets also place well in the report with growth figures of 6% and 5% respectively.
The report does temper this early enthusiasm slightly however by revealing that they expect cities with a large public sector workforce to suffer a downturn in rental rates because of expectant job losses in the sector as announced recently.
There may be 23 sleeps left then till Christmas Day but we wouldn’t be surprised if those cities expected to prosper in 2011 started their festive celebrations as early as tonight in light of the good news from Savills!
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