Prime office costs in major global cities continued to rise in the first quarter of 2026, driven by strong demand for high quality workspace and limited availability, according to Savills. The real estate adviser says net effective occupier costs, including rents and fit-out costs, increased by 0.7 percent globally during the quarter. That brings the annual increase to 5 percent and the rise over the past two years to 9.1 percent. Savills tracks 47 cities worldwide and found that occupier costs increased in 23 of them during the first three months of the year. Costs rose by 1 percent across EMEA, 0.7 percent in North America and 0.4 percent in Asia Pacific. (more…)

The government has confirmed plans for a major new digital campus in Manchester, marking a significant step in efforts to relocate civil service roles and strengthen regional technology capability. The Manchester Digital Campus received Treasury approval for its outline business case on 19 March, allowing the project to move forward as a central element of the government’s digital and data strategy. (more…)

Improving market fundamentals and a rise in available capital are helping the global real estate sector as a new cycle begins. Inflation and interest rates are becoming more stable. Property values also appear to be recovering from recent lows, and investment activity is returning in the United States, Europe and Asia Pacific. However, uncertainty linked to deglobalisation, geopolitical tensions and difficult economic conditions still poses a significant challenge for investors. This is according to the Emerging Trends in Real Estate Global Outlook 2026 report from PwC and the Urban Land Institute (ULI). (more…)

Refurbishment projects account for the largest share of the office development pipeline across the UK’s major regional cities, as new build activity remains subdued and occupiers continue to favour high quality, sustainable space. According to new figures from Avison Young, refurbishment schemes now represent the majority of space under construction in the Big Nine regional office markets. The volume of refurbishment space in the pipeline has risen by 12 percent year on year, reflecting a sustained shift towards upgrading existing stock rather than delivering entirely new buildings. (more…)

The UK government says it has secured more than £17 million in annual savings over the past six months by closing three central London office buildings and relocating staff into existing space within the public estate. The most recent closure is 10 Victoria Street, which ministers say will generate around £8.8 million a year in rental savings alone. The building has been vacated as part of a wider programme to reduce reliance on leased properties and consolidate departments into what officials describe as better used government offices. (more…)