Strong take-up in Manchester office market
MANCHESTER City Centre office take-up increased by 37% in the second quarter.
According to the Manchester Office Agents Forum (MOAF) take-up totalled 194,235 sq ft compared with 141,133 sq ft in Q2 2012.
Some 62 deals were recorded, up on 59 a year ago, and the average size increased. Three transactions were over 10,000 sq ft compared to just one during the same period last year.
Key deals included education group BPP taking 19,100 sq ft at St James’s Buildings on Oxford Road and the 18,118 sq ft letting to Umbro-owner Iconix at 29 Dale Street in the Northern Quarter.
In South Manchester, second quarter 2013 take-up totalled 122,418 sq ft, down slightly on the 124,956 sq ft recorded last year. The largest transaction was the 37,456 sq ft letting of Lakeside 5000 at Cheadle Royal to Balfour Beatty. At Salford Quays 34,905 sq ft was recorded during the period, up 80% compared with 19,357 sq ft last year.
Rob Yates, office agency director at DTZ and spokesperson for MOAF, said: “Manchester continues to see a healthy level of demand. To the half year, Manchester city centre transacted 466,342 sq ft in 128 deals. The demonstrates the indigenous strength of the occupier market.
“We anticipate that the outturn for the year should be around the 900,000 sq ft as reported by MOAF at the end of Q1. Noticeably, inward movers are also being attracted to Manchester. Following WorldPay’s move in Q1, Iconix signed a lease in Q2, these two transactions representing 8.5% of total take-up, a small but significant addition to the business sector in Manchester.”
