UK: real estate prime office rent prices in selected cities Q3 2019

In order to be considered prime property, office properties need to fulfil criteria such as good location, accessibility, and energy efficiency of the premises. The United Kingdom (UK) is one of the biggest European commercial real estate markets.

Average prime office rent in the UK

As of September 2019, Reading was the most expensive location within the UK for prime office rents outside of London, with the average price reaching 468 euros per square meter per year. This was followed by Manchester, Bristol and Edinburgh. The London prime office market led not only the UK, but also the European ranking with annual prime rent as high as 1,369 euros per square meter in the London West End and 882 euros per square meter in London City.

Prime office rental growth and yield

Many cities in Europe registered prime rental growth in the second quarter of 2019, with Barcelona, Milan and London topping the ranking at 10.2, 9.1 and 7.5 percent. Another indicator for the prime office market is yield, which shows the return on investment and is calculated as the ratio of rent and purchase price. When looking at office yields in Europe, it is clear that many Eastern European countries scored much higher yields compared to big markets such as the UK, Spain, Germany and France.

Rental cost of prime office space in selected cities in the United Kingdom (UK) as of September 2019 (in euros per square meter per year)*

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Source

Release date

October 2019

Region

United Kingdom

Survey time period

September 2019

Supplementary notes

* Excluding London.

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Statistics on "Real estate in the United Kingdom"

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