Stronger demand for Manchester offices
THE latest figures from the Manchester Office Agents’ Forum (MOAF) show greater demand for space in the city.
Total take-up of office space in central Manchester in the first nine months of 2012 was 10% up on the equivalent period last year. Grade A take-up over the period reached 89,665 sq ft, on a par with 2011.
The average deal size rose – from 2,811 sq ft in 2011 to 3,465 sq ft in 2012. Average deal size for Grade A space was almost 4,000 sq ft – a rise of 40% on 2011 but close to half the size of the average deal recorded in 2010.
Overall availability of Grade A space in the city centre fell for the second successive quarter, down by 1%.
MOAF said the Old Trafford submarket enjoyed a resurgence with take-up over the nine months of 220,000 sq ft, although 125,000 sq ft of this went Think Money in the second quarter.
Demand fell in Salford Quays where 35,700 sq ft was taken, compared to 100,104 sq ft last year. South Manchester enjoyed another steady year, performing at slightly above average level for the year so far.
Rupert Barron, director, offices national at the Manchester office of Colliers International and spokesman for MOAF, said: “The Greater Manchester office market continues to produce a remarkably resilient performance in these very testing times. When the economy picks up there is a danger that we will lag behind and be unable to seize opportunities because of the general lack of new-build activity to accommodate demand. We are seeing some progress on developments in and around Manchester but there remains a risk of opportunities being missed.”
