Falling office values and rising rents are shifting the financial balance between buying and leasing, with owner-occupiers accounting for a growing share of Great Britain office sales by transaction count, according to new research from national property consultancy Carter Jonas.
The trend is particularly pronounced outside London, where owner-occupier acquisitions accounted for 17.8% of office sales between 2024 and September 2026, compared with 13.4% between 2018 and 2023. In London, the share grew more modestly, from 8.5% to 10.6%. The increase follows a sharp correction in office capital values, which has made ownership a more attractive alternative to leasing for some businesses with established long-term space requirements.
Commenting on the findings, Sophie Davidson, Associate Research Analyst at Carter Jonas, said: “Owner-occupier purchases represented 13.4% of all office occupier activity in 2025, their highest share in more than a decade. Although that remains below the 2012 peak of 19.4%, it represents a clear shift from the lower levels recorded between 2017 and 2022.
“Interestingly, the increase appears to be both cyclical and structural. The repricing of offices may have created an immediate opportunity, but a growing emphasis on control, cost certainty and the strategic value of real estate could help sustain demand beyond the current market cycle.”
Office repricing changes the buying equation
Alongside continued rental growth, the correction in office capital values has improved the relative economics of ownership for some occupiers.
Ali Rana, Head of National Investment at Carter Jonas, said: “For some organisations, the cost of purchasing is now comparable with, or even lower than, the cost of leasing. That creates a real opportunity for businesses with the capital and a clear understanding of future space needs.
“Ownership can also provide flexibility within the building. A business can initially occupy the space it needs and let the remainder, generating income until expansion requires it. If its requirements later contract, surplus space may be let again. This turns property from a fixed occupational cost into an income-producing asset, which can also strengthen its attractiveness to lenders, while giving the business greater control over its long-term property costs.”
Demand spans sectors and deal sizes
Owner-occupier acquisitions over the past two years span an array of sectors, with transactions ranging from major strategic headquarters acquisitions to smaller purchases in regional markets.
Barclays acquired its approximately 1.01 million sq ft headquarters at One Churchill Place in London for £750 million, securing control beyond its existing lease term, while Optimum Medical purchased the 41,500 sq ft 2 Savannah Way in Leeds for £2.5 million.
Cardiff and Vale College purchased St William House in Cardiff for around £8 million for conversion into an educational facility, while Northumbria Police Authority acquired Cobalt 9 in Newcastle upon Tyne to create a modern, centralised headquarters.
Sophie Davidson added:
“Ownership is not always confined to Grade A headquarters in prime locations. For some occupiers, acquiring secondary buildings and retrofitting them around specific requirements offers a more cost-effective route to high-quality accommodation while giving them greater control over specification and the timing of investment.”
Control and certainty support longer-term demand
Growing competition for high-quality offices may add to the case for ownership, particularly where the supply of Grade A space is constrained.
Ali Rana added: “Competition for best-in-class Grade A space is intensifying in some prime markets. This is evident across London’s prime office market, where occupiers face constrained supply, rising rents and increasing pressure to start property searches earlier. For organisations with clear long-term requirements, ownership can be an attractive alternative, providing greater certainty over their future occupation in a market characterised by limited choice and rising rents.
“The challenge is not simply finding floor space, but securing space that is sustainable, amenity-rich and able to support how people want to work. As corporate real estate plays a greater role in collaboration, culture and talent retention, ownership gives businesses greater certainty that they can continue investing in the right environment over the long term.”