Cities across the UK are experiencing a shortage in supply of office space which threatens to drive up costs for businesses as rents inevitably increase. The shortage in office space has led to a surge in demand for office refurbishment in efforts to increase supply in some of the UK cities including London Cardiff and Bristol. <\/p>\n
The statistics were revealed in Savills\u2019 Regional Office Market Review & Outlook report which also says that there is less than one year\u2019s supply of grade \u2018A\u2019 space available. The national shortage is driving up demand at a time when space in crowded city centres has become limited as many older buildings have been converted into residential housing. <\/p>\n
In London, there is now a particular problem as commercial and residential developers fight it out for space in the city. This has pushed up office rents in locations such as Canary Wharf. <\/p>\n
Bristol and Cardiff were two cities highlighted as having the biggest potential for rent rises this year. Bristol office rents are set to increase by 12% while nearby Cardiff is expecting to see rents rise 9%. <\/p>\n
Across the UK availability of office space is down 18 percent on 2007 levels. <\/p>\n","protected":false},"excerpt":{"rendered":"
Cities across the UK are experiencing a shortage in supply of office space which threatens to drive up costs for businesses as rents inevitably increase. The shortage in office space has led to a surge in demand for office refurbishment in efforts to increase supply in some of the UK cities including London Cardiff and […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[33,47,46],"tags":[3,14,17,13,15,16,86,12,48],"class_list":["post-119","post","type-post","status-publish","format-standard","hentry","category-millennium-storage-and-interiors","category-office-shortage","category-rents-and-refurbishment","tag-millennium-si","tag-office-design-solutions","tag-office-interiors","tag-office-partitioning","tag-office-planning-solutions","tag-office-refurbishment","tag-office-shortage","tag-office-space-planning","tag-rent-and-refurbishment","post-preview"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t