Office market ahead says Lambert Smith Hampton
OFFICE take-up across Greater Manchester during the first half of 2012 is continuing to outperform other provincial cities.
Office space taken up between January and June in Manchester City Centre, South Manchester and Salford Quays, totalled 319,107 sq ft according to commercial property consultancy Lambert Smith Hampton.
Whilst there was a slight decrease (4%) during quarter two compared to quarter one, Greater Manchester is still outperforming other competing cities outside London.
David Thwaites, associate director at LSH in Manchester said: “The most recent office statistics are very encouraging as Greater Manchester continues to outperform other cities. The out of town markets have done particularly well with the biggest deal of the year so far completing in quarter two – the Think Money acquisition of 125,000 sq ft in Old Trafford.
“Both South Manchester and Salford Quays have also experienced improved take up from the previous quarter and with significant transactions due for completion South Manchester over the next few months, we should have a strong end to the year.”
The LSH Office Pulse Report also shows the latest figures for Grade A office space within Manchester City Centre, which currently stands at 613,053 sq ft, a marginal decrease compared to the previous quarter of 616,453 sq ft and a 14% decrease compared to the same period last year.
Mr Thwaites added: “Economic uncertainty continues to prohibit major corporate activity within the city centre and this is reflected by a decrease in take-up of 24% (128,408 sq ft) compared to quarter one 169,891 sq ft.”
Generally take-up in quarter two was dominated by smaller lettings with only four transactions over 10,000 sq ft within the city centre as the smaller ‘churn transactions’ of sub 5,000 sq ft continue to drive the market.
