City centre office take-up for Q2 2016 reached 218,404 sq ft bringing the total for the first half of the year to 416,115 sq ft. Although down 37% on H1 2015, a number of large scale transactions are expected to complete in the second half of the year. That should guarantee a year end total of 1m sq ft, keeping in line with the 5 year average.
Several sizeable transactions occurred in Q2 including, 10,883 sq ft to Mazars at One St Peter’s Square, 32,794 sq ft to the Co-op Bank at Martins House and Bruntwood taking 10,591 sq ft at their own scheme, York House.
Small scale requirements (space sized between 2,000 and 6,000 sq ft) accounted for over half of the transactions completed in Q2, indicating resilience within the SME sector.
The out of town markets continued to perform well with take-up in South Manchester totalling 152,141 sq ft. Warrington saw a 25% increase on the same period last year, with a total of 187,612 sq ft.