Take-up

Big Six take-up during Q1–Q3 totalled 2.68 million sq ft, on par with the five-year Q1–Q3 average. The total was achieved through 561 transactions, 1% higher than the same period in 2024 and up by 9% on the five-year average.

Grade A and Prime take-up across the Big Six totalled 725,698 sq ft and 772,917 sq ft, respectively. Combined, they accounted for 56% of the total, which was 10% above the five-year Q1–Q3 average proportion. There were 175 transactions between both grades, 43% higher than the five-year Q1–Q3, with 17 of the transactions over 20,000 sq ft.

Supply

Availability across the Big Six at the end of Q3 2025 stands at 10.4 million sq ft, on par with the previous quarter. This means that the vacancy rate has increased marginally to 11.1%. Of the total availability, secondary stock accounts for 52% by totalling 5.3 million sq ft.

Grade A and Prime availability total 2.9 million sq ft and 2.1 million sq ft, respectively, with the former remaining on par with Q2. Recent comprehensive refurbishments and development completions means that Prime availability has increased to 2.1 million sq ft, consequently meaning the Grade and Prime vacancy rate has increased by 20 basis points (bps) to 5.4%.

Take-up by business sector

The most active business sector in Q1–Q3 was the 'Professional' sector, which leased a total of 516,688 sq ft, therefore accounting for 19% of the total. This was achieved through 93 transactions, with Eversheds acquiring the largest at 1 Crown Point Road in Leeds for a total of 47,016 sq ft in Q3. Pinsent Masons acquired the largest transaction in Scotland, by taking 31,724 sq ft at Aurora in Glasgow.

Another active sector was the 'TMT' sector, which also accounted for 19% of the year-to-date total, by leasing 512,054 sq ft. There were 101 transactions in the sector, 11% higher than the Q1–Q3 five-year average. The sector saw the four largest deals located in Manchester, all over 20,000 sq ft.

Rents

The highest headline rent achieved during Q3 2025 was in Bristol, which reached £50 per sq ft at EQ by Birketts. Leeds also saw rental growth during Q3 2025, and now stands at £46 per sq ft, up 15% from £40 per sq ft at the end of Q2 2025. Rental premiums are expected to grow by an average of 26% across the Big Six over the next five years based on current rental levels, with headline rent projected to reach a record high in Manchester of £59 per sq ft by 2029, if not before, and in Bristol and Leeds of £54 and 56 per sq ft, respectively. Savills expects that if a new build pre-let were to be secured, this could further increase headline rent in excess of £60 per sq ft in the next five years.

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