Record-breaking year beckons for Manchester’s office sector
Office take up in Manchester this year could reach 1.5m sq ft for the first time on record.
Latest data from the Manchester Office Agents Forum (MOAF) shows lettings have already surpassed 2017 levels and demand continues to be strong.
Take up in quarter three reached 479,637 sq ft and included the pre-letting of 225,000 sq ft at St Johns Goods Yard to Booking.com – the largest single letting since 2010.
Mark Bamber, partner, Knight Frank, said: “With take up so far now standing at 1,248,337 sq ft, we have already exceeded 2017’s total and we could break 1.5m sq ft for the first time on record.
“This reflects the strength in depth and sheer range of Manchester occupiers, and in particular the continued burgeoning demand from tech occupiers drawn to Manchester with its excellent talent pool and leisure facilities.
“This demand is underpinned by the growth in the residential sector which makes Manchester one of the most affordable and liveable cities in Europe –a key factor for attracting and retaining staff.”
South Manchester is also seeing records broken with Royal London’s deal at Alderley Park to take around 140,000 sq ft and take up is on track to be the strongest for a decade.
John Nash, director Canning O’Neill, said: “This has proved to be an exceptional quarter for office take-up in South Manchester with the standout transaction being the c 140,000 sq ft acquisition at Alderley Park by Royal London.
“2018 is set to be the best year for the area in over 10 years.
“Meanwhile, Salford Quays and Trafford office take-up remains on course to top the 2017 full year figure, having been boosted by the 97,000 sq ft acquisition of the former Kellogg’s offices.”
MOAF members include Avison Young, BE Group, CBRE, Colliers International, Canning O’Neill, Cushman & Wakefield, Edwards & Co, GVA, Hallams Property Consultants, JLL, Knight Frank, LSH, Matthews & Goodman, OBI Property, Savills, Sixteen Real Estate, and TSG Property Consultants.