Manchester office lettings to exceed 1m sq ft
CITY centre office take-up in Manchester this year has already outstripped the 2013 total by 11%.
By the end of the third quarter take-up stood at 968,338 sq ft, and is expected to exceed one million sq ft by the end of the year for the first time since 2010.
However, year-on-year activity declined in the third quarter, falling by 31,500 sq ft to 171,824 sq ft. On a quarterly basis there was a sharp drop from 482,640 sq ft.
Third quarter take-up slipped by 20,000 sq ft in Salford Quays but with 102,800 sq ft let so far this year the area is on track to surpass the annual average of 115,000 sq ft.
Third quarter south Manchester take-up increased by 4.5% to 176,736 sq ft. The freehold purchase of Renaissance Court,
Christie Fields was the most notable deal with Contour Housing acquiring the 23,582 sq ft self contained building. Some 83,553 sq ft was let in the third quarter across Warrington town centre and the Birchwood market, down 42% on the same period last year.
Adam Jackson, associate director at Lambert Smith Hampton and spokesperson for MOAF, said: “Occupier confidence continues to strengthen and the leasing advisors of the North West are noting that more businesses are expanding. With the recruitment of additional staff comes the need for extra office space.
“Despite quarterly fluctuations, the occupational office markets across Greater Manchester are set to exceed long-term annual averages this year as witnessed already in the city centre.”
