UK Office Space News

Office space owned by local councils are available to buy following decisions to offload council stock

Local councils are looking to sell office properties as they try to raise the money they need to be financially viable when the impending government cuts hit them.

The majority of office lots for the autumn property auction have come from the public sector as local councils look to brace themselves as the cuts come into force.

Lambert Smith Hampton have stated that over 100 of the 125 lots are taken up by council owned properties.

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The third quarter (July-September) saw a huge take up in UK regional office space, according to the latest study by DTZ Research.

An increase of 150% was seen, with Manchester, Birmingham, Glasgow, Newcastle, Nottingham and Leeds driving the majority of the take-up. City council schemes and companies coming to the end of their existing leases are two of the main reasons thought to be behind the increase. (more…)