Take-up in the Manchester city centre office market totalled 373,477 sq ft in Q3 2015. While only a marginal increase in activity on the previous quarter, it was significantly higher than Q3 2014. The year-to-date total currently stands at 1,052,154 sq ft and is predicted to reach a record 1.4m sq ft by the end of 2015.
The level of active requirements remained healthy during Q3, with a notable rise in demand for prime grade A stock; up 166% on the previous quarter and accounting for over 55% of total take-up.
‘Northshoring’ is becoming more evident as occupiers seek to reduce occupancy costs; recently demonstrated by Freshfields’ commitment to acquire 80,000 sq ft at One New Bailey.
The out-of-town market continued to perform well. Notable transactions included Syngenta’s inward investment of 32,330 sq ft at The Towers, Didsbury and Avecto’s acquisition of 29,000 sq ft at Trident.