Real estate prime office rent prices in the UK 2019-2023, by city

Despite the coronavirus pandemic raising havoc in the office sector, rents for prime offices increased in all cities under observation in the United Kingdom between the end of 2019 and the first quarter of 2023. In order to be considered prime property, offices need to fulfill criteria such as good location, accessibility, and energy efficiency of the premises. It is important to note, that buildings of lower characteristics often fetch lower rents than prime offices.

Average prime office rent in the UK

In the first quarter of 2023, Bristol was the most expensive location within the UK for prime office rents outside of London, with the average price reaching 42.5 British pounds per square foot. This was followed by Edinburgh and Bristol. Nevertheless, it is the Central London office market that wins the UK the leading position as the country with most expensive offices in Europe.

Coronavirus crisis impact on European office markets

The coronavirus pandemic has had a major impact on the office market, with investment activity slowing down in all major European markets. The occupiers' markets were also impacted: As many businesses transitioned to hybrid work, demand declined and resulted in a decline in leasing activity.