Manchester take-up back to pre-crash levels

TAKE-UP in the Manchester office market has increased by 36% this year, according to research by Jones Lang LaSalle.

The agent, which is unveiling the data at a briefing this morning, said the city had its strongest year since 2006-07.

It said take-up so far this year was up 36% from 490,000 sq ft in the first three quarters of 2012 to 667,000 sq ft this year.

In addition, prime regional office yields are back to their 10-year average of just under 6%.

Tim Luckman, director at Jones Lang LaSalle, said: “The improvement in the market, following growing demand for well-located and well-maintained stock over the last nine months, has been encouraging and we’re looking forward to a strong start to 2014.

“Major UK banks are now returning to Manchester to fund big ticket deals, adding further weight to the view that the city is now fully in recovery mode.”