Prospects good for Manchester offices – Colliers
MANCHESTER has the strongest chance for office sector rental growth in all of the UK regions, according to data from Colliers International.
According to its latest net stock absorption report headline office rents in Manchester rose by 3% in 2012 – the only prime rental growth across all of the major regional markets.
It expects rental levels to rise further in 2013 due to a limited amount of new space becoming available into 2014.
Colliers believes there will be a steady demand for all types of Grade A office space throughout 2013 because businesses which had mothballed expansion plans are starting to revisit growth strategies.
Rupert Barron, director offices national at the Manchester office of Colliers International, said net stock absorption rose strongly in the second half of 2012 – primarily because of the completion of the new headquarters of the Co-operative Group at One Angel Square.
Availability of office space overall in Manchester fell in the second half of 2012 with a vacancy level across all categories of 16.4% – the lowest since 2008.
