LONDON--(BUSINESS WIRE)--May 13, 2026--
The Big Six office investments reached an eight-year high in the first quarter of 2026, according to data from CoStar, a global leading provider of online real estate marketplaces, information and analytics in the property markets.
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Investors spent £485m across Birmingham, Bristol, Edinburgh, Glasgow, Leeds and Manchester in the first quarter of the year, slightly above the five-year average.
Manchester led activity for the second consecutive quarter, with volumes exceeding £120m, just ahead of Edinburgh (£113m) and Bristol (£88m). All three cities recorded transactions above £50m, led by a 200,000-square-foot sale for around £114m at a 6.85% net initial yield.
“Most of the large deals were completed before March, which was too early in the quarter to be affected by the war in Iran,” said Giles Tebbitts, director of market analytics at CoStar Europe. “Lower entry prices, attractive net initial yields and an undersupply of prime, well-located space have drawn investors, as the market has moved through the worst of its repricing phase.”
The largest out-of-town transaction was in Solihull town centre, a £12.5m deal for 70,800 sq. ft. at a net initial yield of 11.95%.
The full analysis can be found here.
For more information about the company and its products and services, please visit www.costargroup.com.
About CoStar Group
CoStar Group (NASDAQ: CSGP) is a global leader in commercial real estate information, analytics, online marketplaces, and 3D digital twin technology. Founded in 1986, CoStar Group is dedicated to digitizing the world’s real estate, empowering all people to discover properties, insights, and connections that improve their businesses and lives.
CoStar Group’s major brands include CoStar, a leading global provider of commercial real estate data, analytics, and news; LoopNet, the most trafficked commercial real estate marketplace; Apartments.com, the leading platform for apartment rentals; Homes.com, the fastest-growing residential real estate marketplace; and Domain, one of Australia’s leading property marketplaces. CoStar Group’s industry-leading brands also include Matterport, a leading spatial data company whose platform turns buildings into data to make every space more valuable and accessible; STR, a global leader in hospitality data and benchmarking; Ten-X, an online platform for commercial real estate auctions and negotiated bids; and OnTheMarket, a leading residential property portal in the United Kingdom.
CoStar Group’s websites attracted over 131 million average monthly unique visitors in the first quarter of 2026, serving clients around the world. Headquartered in Arlington, Virginia, CoStar Group is committed to transforming the real estate industry through innovative technology and comprehensive market intelligence. From time to time, we plan to utilize our corporate website as a channel of distribution for material company information. For more information, visit CoStarGroup.com.
Big Six Q1 Office Investment Volumes at Their Highest since 2018
LONDON (AP) — King Charles III will present the U.K. government's legislative program to Parliament on Wednesday as uncertainty clouds the future of Prime Minister Keir Starmer's leadership. Starmer on Tuesday defied calls for him to stand down, following a disastrous showing for his Labour Party in local and regional elections last week. Ahead of the King's Speech, he met with Health Secretary Wes Streeting, seen as one of his potential challengers, at his office in Downing Street.
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The monarch traditionally travels from Buckingham Palace to the Houses of Parliament, a distance of less than a mile, in a horse-drawn carriage. He then dons the Imperial State Crown and the robe of state before leading a procession into the chamber of the unelected House of Lords.
A Lords official called Black Rod, named for the ebony rod he or she carries, then goes to the House of Commons to summon the chamber’s members to a joint sitting of Parliament. The doors to the Commons chamber are slammed in Black Rod’s face to symbolize the chamber’s independence from the monarchy, and they aren’t opened until Black Rod strikes the doors three times.
Once members of the Commons have crowded into the Lords’ chamber, the king delivers a speech written by the government and laying out its legislative program for the coming session of Parliament.
After the speech is read and the king leaves, the two houses of Parliament begin several days of debate on its contents.
At the start of the weekly Cabinet meeting on Tuesday, Starmer said he took responsibility for the losses in last week’s elections but would fight on.
As Cabinet members left 10 Downing Street, some voiced their support for the embattled prime minister.
Works and Pensions Secretary Pat McFadden said nobody publicly challenged Starmer at the meeting, while Business Secretary Peter Kyle said the prime minister was showing “really steadfast leadership.”
Later, Starmer’s deputy David Lammy warned Labour lawmakers that the only beneficiary of the party’s “navel-gazing” is the populist right and the leader of Reform UK, Nigel Farage, in particular.
“He has my full support, and what I say to colleagues is, look, let’s just step back,” he said. “Take a breath.”
On Tuesday, several junior ministers, some of whom were elected for the first time in Labour’s landslide election victory in July 2024, resigned and urged Starmer to do the same.
Miatta Fahnbulleh, minister of housing, communities and local government, was the first to quit, urging Starmer “to do the right thing for the country.”
She was followed by Jess Phillips, the safeguarding minister and a prominent member of the Labour Party. In her resignation letter, she described Starmer as a “good man fundamentally” but unable to make bold changes.
Despite the party’s dominant win driving out the Conservatives after 14 years in power, Labour’s popularity has plunged and Starmer is getting much of the blame.
The reasons include a series of policy missteps, a perceived lack of vision on the prime minister’s part, a struggling British economy and questions over his judgment. Starmer’s choice of Peter Mandelson as U.K. ambassador to Washington despite ties to the convicted sex offender Jeffrey Epstein has continued to haunt him.
Starmer insisted Tuesday that he has no intention of resigning as calls grew louder within his Labour Party for him to step down and some junior members of his government quit in protest.
Starmer’s future has become a hot topic over the past few feverish days following historic losses for the Labour Party in local elections last week, which if repeated in a national election that has to be held by 2029, would see it overwhelmingly ejected from power.
Though no Cabinet member has quit or publicly stated the prime minister should step aside for a change in leader, there’s growing speculation that the ambitious health secretary, Wes Streeting, will inform Starmer that his days are numbered when they meet on Wednesday.
Streeting has many supporters within the parliamentary party, including some of those who resigned from Starmer’s government on Tuesday, which stoked speculation that Starmer could suffer the fate of Boris Johnson in 2022 when dozens of ministers quit en masse and forced his departure.
The King’s Speech is part of the state opening of Parliament, a traditional set piece of the political calendar. Many of the expected proposals have been announced previously, raising questions over Starmer’s capacity to win over his doubters.
The speech is expected to include proposals to address the cost of living crisis, create a national wealth fund to stimulate private investment in public infrastructure and tighten rules for asylum seekers.
It may also include the government’s controversial proposal to abolish jury trials for some cases in England and Wales, lower the voting age to 16 and introduce a “duty of candor” for public officials, requiring them to tell the truth and cooperate with investigations.
Larry the cat, Chief Mouser to the Cabinet Office leaves 10 Downing Street during a cabinet meeting in London, Tuesday, May 12, 2026 as Britain's Prime Minister Keir Starmer is facing the biggest threat yet to his authority after a growing number of disaffected lawmakers called for him to step down.(AP Photo/Kirsty Wigglesworth)
FILE - King Charles III looks up as he reads the King's Speech, during the State Opening of Parliament in the House of Lords in London on July 17, 2024. (AP Photo/Kirsty Wigglesworth, Pool, File)
Britain's Health Secretary Wes Streeting arrives in Downing Street for a meeting with Prime Minister Keir Starmer in London, Wednesday, May 13, 2026.(AP Photo/Alberto Pezzali)
Britain's Prime Minister Keir Starmer meets construction apprentices during a visit to London South Bank Technical College in London, Tuesday, May 12, 2026. (Toby Melville/Pool Photo via AP)
