Record headline rent set in Spinningfields letting
THE recruitment group Robert Walters has signed a lease in Spinningfields at new record headline rent for the city of £32/sq ft.
The company has signed up for 5,000 sq ft at 3 Hardman Street on an 11-year lease.
The deal with landlord Aerium has pushed up the rate for new grade A space in the centre from around £30, and trumps pre-recession levels, but it’s not clear what incentives were involved.
The price has been pushed up by strong demand at a time of limited supply. According to the Manchester Office Agents Forum (MOAF) grade A space is at an “historic low” but it recorded lettings of 317,627 sq ft in the first quarter, up from 274,800 sq ft in the same period last year.
The 10-year average annual grade A take-up in the city is 285,000 sq ft and there is just 245,000 sq ft available with around 200,000 sq ft nearly complete.
Chirs Poole, Robert Walters director for the North, said: “Our continued growth coupled with significantly improved market conditions has created the need for significant space increase. Spinningfields is the standout location in Manchester and we are pleased to have acquired space in such an excellent building.”
James Harrop-Griffiths, asset manager at Aerium, said: “This letting, at a record rent for Manchester, demonstrates the ongoing attractiveness of 3 Hardman Street and underpins our belief that this remains the best office building in Manchester. The market is continuing to strengthen which we expect will provide further positive results from our pro-active asset management strategy.”
OBI Property represented Aerium.
