Annual office take-up levels soar as Manchester enjoys 29% increase

Office take-up in Manchester reached 1.22 million sq ft in 2024, reflecting a 29% increase on 2023, while sitting 17% higher than the five-year annual average.

This is according to the latest research by Savills, which notes that the city also saw a strong end to the year with Q4 office take-up 35% up year on year (yoy) at 281,000 sq ft.

More broadly, Savills reports that office take-up across the Big six regional office markets – Birmingham, Bristol, Edinburgh, Glasgow, Leeds and Manchester – collectively totalled 4.36 million sq ft across 2024, which is 26% up yoy and the highest full year take up since 2019.

In terms of where the demand is coming from in Manchester, Savills says that the TMT (technology, media and telecommunications) sector was the most active, accounting for 23% of total take-up across the year.

Continued demand for the best space in the city has also generated upward pressure on rents, which have increased from £43 per sq ft at the beginning of 2024 to a current level of £45 per sq ft, following a headline deal at No.1 St Michael’s in Q4 24. 

Richard Lowe, office agency director at Savills Manchester, said: “We saw a steady increase in activity across the Manchester office market throughout Q4, which has continued into 2025 as a result of occupiers implementing plans to relocate and expand.

“However, with the race for the best space heating up, we have seen much of the prime space across the city snapped up which, with limited new supply coming through, will place the focus of activity on the grade A refurb market in 2025.”