The gap between London and regional market office occupancy costs has decreased by 2% since 2016. The six largest cities in the UK – Birmingham, Bristol, Leeds, Manchester, Edinburgh and Glasgow – now have occupancy costs of 42% lower than London, down from 44%.

One of the main driving factors behind this a decrease in total London occupancy costs: The West End in particular has seen a softening, with a reduction of 9.6% on 2016. There has also been an increase in regional costs, which has impacted the figures.

Eugene O’Sullivan, Managing Director at tenant acquisition specialists Morgan Pryce, says; “The capital is still proving crucial for occupiers. We are dealing with vast numbers of tenants looking for the best solution to their future occupancy needs. Whilst regional markets are one option, the draw of being located in London is a key driver for many occupiers that need the ability to communicate with similar companies in the same locations.”

This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.