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":[],"_links":{"self":[{"href":"https:\/\/www.millennium-si.co.uk\/blog\/wp-json\/wp\/v2\/posts\/119","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.millennium-si.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.millennium-si.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.millennium-si.co.uk\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.millennium-si.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=119"}],"version-history":[{"count":1,"href":"https:\/\/www.millennium-si.co.uk\/blog\/wp-json\/wp\/v2\/posts\/119\/revisions"}],"predecessor-version":[{"id":120,"href":"https:\/\/www.millennium-si.co.uk\/blog\/wp-json\/wp\/v2\/posts\/119\/revisions\/120"}],"wp:attachment":[{"href":"https:\/\/www.millennium-si.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=119"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.millennium-si.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=119"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.millennium-si.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=119"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}