Creative Regions, is a new CBRE report, showcasing the Top 25 Regional Creative locations in the UK [outside of London]. Our ranking is calculated through a weighted analysis of fifteen metrics covering employment, demographics, costs and real estate measures across 64 different urban areas in the UK, outside of London. Key findings from the report reveal: Manchester tops the ranking as the leading UK regional creative talent market Reading punches well above its weight as a creative talent destination, given the size of its office market. Scotland features particularly well with Edinburgh and Glasgow in the top 5 11 of the top 25 creative talent locations are in the East and South East Fuelled by the addition of thousands of new jobs in the last three years, the Creative sector has steadily increased its share of UK office space take-up outside London from 9% in 2013 to 15% in 2015 and 2016 Top 25 towns and cities identified in this report are best positioned to benefit from and to nurture future growth in the creative sector
UK commercial property prime rents up 0.8% in Q1, boosted by Industrials Rental values in UK prime commercial property increased by 0.8% in the first quarter of 2017. 11% of monitored locations recorded increasing rents, while 7% recorded decreasing prime rents. Prime yields for All Property remained relatively flat, falling -4bps and maintaining 5.4% in Q1 2017.
Take-up in April 2017 was 0.8 m sq ft, a fall of 17% on March and 27% below the 10-year average. The largest transaction of the month was at Principal Place, EC2 where an option was exercised for an additional 89,300 sq ft. Availability fell by 2% to 14.4m sq ft, below the 10-year average of 14.7m sq ft. The level of under offers increased by 6% over the course of the month to stand at 3.4m sq ft.
UK rental values remain stable, with slight fall in Central London All Property capital value growth slowed to 0.2% in April Rental values across All UK Property remained stable. The Industrial sector continues to outperform the other main sectors, with capital value growth of 0.6% and rental value growth of 0.2%. Central London rental values fell by -0.1%.
• Investor interest in Build to Rent (BtR) continues to grow and is now considered an increasingly viable exit option by housebuilders. • There is currently £27.7bn targeting the UK Build to Rent sector over the next five years. • CBRE recorded total investment of £495.1m in Q1 2017 compared with £545.7m in Q1 2016. • Notable deals included two major portfolio transactions of standing BtR assets for an aggregate price of £182.7m. • Prime investment yields remain stable from the end of 2016.