Big Six Regional Office Markets to Rebound as Demand Rises, JLL Predicts

Why It Matters

The imbalance between soaring demand and limited supply will drive rent growth and shape investment decisions in the UK’s six key regional office markets.

Key Takeaways

• Take‑up to hit 4.5 m sq ft in 2026, 15% YoY growth
• New‑build vacancy below 2% across six cities
• Only five new‑build schemes, 619k sq ft, under construction
• Prime rents projected at £60/sq ft (~$75) by 2030
• Speculative pipeline just over 1 m sq ft, insufficient

Pulse Analysis

JLL’s latest Big Six research signals a clear resurgence in regional office demand across Birmingham, Bristol, Edinburgh, Glasgow, Leeds and Manchester. After a subdued 2025, take‑up is set to climb to 4.5 million sq ft in 2026, a 15% increase year‑over‑year. Occupiers are actively seeking space, with 127 requirements above 10,000 sq ft and five enquiries exceeding 100,000 sq ft. Converting the reported rent figures, current prime rates range from roughly $52 per sq ft in Glasgow to $65 per sq ft in Bristol and Birmingham, underscoring a market that is already pricing in scarcity.

Supply constraints are sharpening the outlook. New‑build vacancy rates sit under 2% while overall vacancy hovers around 7.5%, mirroring London’s tight market. Only five new‑build office projects, totaling 619,000 sq ft, are under construction, and none have secured pre‑lets. The speculative pipeline, including refurbishments, adds just over 1 million sq ft across 16 schemes—far below the demand trajectory. This shortage is feeding rent acceleration, with JLL projecting average rents to reach £60 per sq ft (about $75) by 2030, translating to a 4.58% annual growth rate.

For investors and developers, the data spells opportunity and risk. Cities that can accelerate delivery of high‑quality space—whether through speculative builds or intelligent refurbishments—stand to capture premium rents and solidify market share. Tenants, meanwhile, are likely to lock in space earlier to avoid future price spikes. The forecasted rent growth and limited pipeline suggest a continued shift of capital toward regional hubs, positioning the UK’s big‑six markets as attractive alternatives to London for both occupiers and investors seeking stable, long‑term returns.