City centre office take-up for Q1 2016 totalled 197,000 sq ft, down 38% on the same period the previous year; however this is likely to improve as we move into Q2, with the imminent completion of Freshfields Bruckhaus Derringer’s letting at One New Bailey.
We continue to see strong levels of demand for grade A space in Q1 with Arup taking 16,000 sq ft at 4 Piccadilly Place, Kacoo Fashion taking 25,600 sq ft at Fabrica and another pre-let at No1 Spinningfields, where Squire Batton Boggs has taken 28,000 sq ft.
The out of town markets continued to perform well in Q1. Warrington in particular has seen take-up total 91,445 sq ft, up 100% on the same period the previous year.
Take-up in the South Manchester market totalled 88,978 sq ft in the first quarter – a strong start to the year and this is expected to continue throughout 2016 as a number of pre-lets are due to be announced.