The second quarter of 2017 saw some big business flowing into Manchester’s increasingly lucrative office market, with 284,000sq ft transacted in the city centre alone across 68 individual deals. This is according to the latest figures provided by the Manchester Office Agents Forum.

The Q2 2017 figures show a rise of 27% as compared with the same period in 2016; a clear sign of the market’s growth. This followed a fairly busy first quarter, albeit comprised of a series of smaller deals, which bumped the figure for the first half of the year up to a total of 492,700sq ft being let in the central market; this represents a 17% increase on the first half of 2016.

Five large transactions each accounting for over 10,000sq ft of space helped to drive this year’s figures upward, including deals which saw existing city centre occupiers Kaplan Financial and CarFinance247 relocating to Universal Square, while law firm Weightmans made the move to No. 1 Spinningfields. Co-working specialist WeWork also scooped up 60,000sq ft of office space at No. 1 Spinningfields, and Swiss distribution firm Distrelec relocated to occupy a full floor at 2 St Peter’s Square.

Andrew Rands, associate director at JLL and spokesman for MOAF, commented, “The letting to WeWork, their first operation in the UK outside of London, and to Distrelec at 2 St Peters Square, their first operation in the UK, are significant statements.

“Looking forward, there are a number of potential larger transactions in the pipeline which suggest total take-up for 2017 will exceed 1m sq ft for the fourth consecutive year.”

That all certainly sounds promising, and it’s not just the city centre which is performing well in 2017. South Manchester also had a successful Q2 with 192,000sq ft of space let; a 38% increase on Q1. Pacific House was the focus of the largest of these deals, where Vodafone have let 33,600sq ft of office space.

The combined take-up figure for Salford Quays and Old Trafford sits at 84,000sq ft for Q2, although MOAF has stated that this lower figure is expected and indicative of diminishing stock levels as buildings in the area continue to be converted for residential use.

Sam Bonson

Sam is an aspiring novelist with a passion for fantasy and crime thrillers. He is currently working as a content writer, journalist & editor in an attempt to expand his horizons.
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