Total take-up for 2012 in Manchester City Centre reached 758,615 sq ft; an increase of 8% from the 701,390 sq ft achieved in 2011. A total of 275,000 sq ft was transacted across 85 deals during Q4; a 60% increase from the previous quarter (Q3 2012: 172,000 sq ft). Although less than the five-year average (930,000 sq ft) and in the absence of any large transactions (in excess of 30,000 sq ft), Manchester City Centre achieved its highest number of transactions on record.
Despite recording a drop in take-up of 23% from the previous quarter to 202,630 sq ft in Q4 (Q3 2012: 264,048 sq ft), the out of town markets - predominantly South Manchester - also enjoyed a successful year. With total annual take-up of 646,780 sq ft - a 32% increase from 2011 - the region witnessed its strongest performance since 2006.
In contrast, Salford Quays had a disappointing year with total take-up of 67,830 sq ft; a reduction of 28% from the 93,809 sq ft transacted in 2011 and 37% less than the five-year average of 107,420 sq ft. The transaction to Vital Services Group (19,499 sq ft) at the Soapworks in the final quarter was the most significant deal of 2012.
For a detailed breakdown of take-up by grade, please click here or on Chart 1 to the left of this article.