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Manchester Office Space Snapped Up

Office take-up in Manchester looks set to reach a three year high

Written by . Published on November 26th 2013.


Manchester Office Space Snapped Up
 

ACCORDING to the latest research from national commercial property consultants Lambert Smith Hampton (LSH), office take-up in Manchester is set to reach a three-year high.

There is no reason why this growth trend should not continue well into 2014 and beyond.

Despite a slow start to the year, Q3 saw city centre take-up hit 198,766 sq ft - an increase of 77% on the previous quarter, taking the total take-up for the year to date to 655,108 sq ft.

By the end of the year the forecasts suggest that levels will reach the 850,000 sq ft mark (the equivalent of around eleven Old Trafford football pitches), well above the 758,000 sq ft achieved in 2012 and the highest since 2010.

Out of town take-up also increased by 25% in Q3 to 179,583 sq ft. However, there has been a fall in demand in the areas of Old Trafford and Salford Quays from 2012s corresponding period.

Mark Bamber, associate director of Office Agency at LSH Manchester, said: “The mood in the marketplace is certainly more positive, and the figures clearly indicate an upward trajectory. While we may not have returned to pre-recession levels, consistent recovery is much more sustainable than the boom of 2007. 

“We expect to see increased activity in the final quarter of this year, with a number of active requirements from large corporates in the market, which for the last few years have been absent. There is no reason why this growth trend should not continue well into 2014 and beyond.”

The Offices in Barton ArcadeThe Offices in Barton Arcade

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