Smaller deals driving Manchester office market, says LSH

DESPITE rising activity from larger corporates, small and medium-sized businesses continue to drive the Manchester office market, according to Lambert Smith Hampton’s (LSH) Manchester Office Market Pulse report.
 
Although overall city centre take-up fell by 29% in the second quarter, compared to the first, smaller transactions below 5,000 sq ft dominated the market, contributing to a 49% increase on the first half in 2012.
 
Adam Jackson, office agent at LSH in Manchester, said: “57 of the 64 city centre office transactions completed during Q2 were SMEs acquiring workspace of 5,000 sq ft or less. It’s clear that SMEs are essential to the city centre market with 89% of leasing activity originating from these businesses.”
 
“Strong demand from SMEs is encouraging, but equally so is the increase in requirements from larger corporates looking to accommodate staff numbers of 150 or more.

“Crucially this occupier interest is not just driven by businesses already based in Manchester, but national corporates looking to relocate or set up in the city and wider region.”