Take-up remains robust

Take-up in the Big Six during Q2 2026 totalled 803.120 sq ft, which was 8% above Q2 2025. There were 170 transactions in Q2, with this on par with the same period in 2025. This brought the H1 2026 take-up across the Big Six to 1,636,812 sq ft, which was 4% below the five-year H1 average. There were 355 transactions completed in the first half of the year, with seven of these over 30,000 sq ft.

Grade A and Prime take-up totalled 1,004,513 sq ft and accounted for 61% of the total in H1 2026. Take-up was 2% above the same period in 2025 and 14% higher than the five-year H1 average, further highlighting the preference for premium space within the regions. There were 112 Grade A and Prime transactions, with this 23% higher than the five-year H1 average, 12 of which were over 20,000 sq ft.

Availability remains stable

Availability in the Big Six at the end of Q2 2026 totals 10.1 million sq ft, an increase of 3% on the previous quarter. This means that the overall vacancy rate has increased by 30 basis points (bps) to 10.7%. Although availability has increased, 50% of this consists of secondary stock.

Grade A and Prime availability across the Big Six totals 2.8 million sq ft and 1.7 million sq ft, respectively. Grade A availability has decreased by 1%, while Prime has increased by 12%; however, this still only accounts for 16% of the total availability. This means that the Grade A vacancy rate has remained the same, with the Prime vacancy rate increasing by 20 bps to 1.9%.

Public services and professional lead take-up

The ‘Public services, education & health’ sector was the most active in the first half of 2026, with the sector leasing 362,023 sq ft, subsequently accounting for 22% of the total take-up. The sector had 34 transactions completed during the half-year, with GPA acquiring the largest of the sector and of H1 2026 at Havelock in Manchester for a total of 114,967 sq ft. There were also three transactions in the sector that were over 50,000 sq ft.

The ‘Professional’ sector was also notably active, leasing 336,066 sq ft and accounting for 21% of take-up. 61 transactions were completed during H1 2026, with Eversheds Sutherland acquiring the largest of the sector in Birmingham at 3 Chamberlain Square Paradise, totalling 45,690 sq ft.

Headline rent

The highest headline rent achieved during H1 2026 was in Birmingham and Bristol, reaching £52 per sq ft at 3 Chamberlain Square (leased to Eversheds Sutherland) in Birmingham and EQ (leased to Graphcore) in Bristol. Manchester was the only city to record an increase in headline rent during Q2, which now stands at £48 per sq ft.

Across the Big Six, rental premiums are forecast to increase by an average of 25% over the next five years, based on current rental levels. Headline rents in Birmingham, Bristol, Edinburgh and Manchester are projected to reach a record £60 per sq ft by 2030, if not before.

Savills expects that if a new build pre-let were to be secured in the Big Six, this would increase headline rent in excess of £55 per sq ft within the next two years.

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