City office market booming

MANCHESTER’s Grade A office market is booming, with more big firms choosing to move into new-build space.

This is according to property developer Ask which today released a statement based on 2015 office take up across the city centre.

Grade A take up amounted to 412,513sq ft last year, more than a third of total take up, with Ask involved in circa 25% of these transactions.

Lettings were completed to PWC (49,406sq ft), EY (41,628sq ft), Ford Credit (45,000sq ft), Gazprom (51,200 q ft), NCC Group (60,246 q ft) and Addleshaw Goddard (56,253 q ft).

It is above the 10-year average take up for Grade A office space in Manchester city centre which is 390,185sq ft.

Existing Grade A accommodation and Grade A accommodation under construction amounts to 825,352sq ft. Based on the 10-year average Grade A take up of 390,185 sq ft, existing stock and stock delivered in 2016 and 2017 will be absorbed within the next two years.

Jamie Hills, development executive at Ask, said the firm’s 101 Embankment, scheduled for completion this summer, is a nine storey building which will deliver 165,000sq ft of Grade A office space and 442-space underground car park pre-let to Q-Park.

He added: “101 Embankment is on schedule for completion this summer.

“Given the current supply and demand dynamic of the Manchester Grade A market and the current levels of interest we are dealing with, we are well placed to secure occupiers prior to completion in August.

“101 Embankment comprises 165,000 sq ft over nine highly efficient column free floorplates of 17,517 sq ft.”