City Centre office take-up for Q3 2016 reached 266,644 sq ft across181 transactions, bringing the current total for 2016 to 686,172 sq ft.
Although down 35.2% on Q1-Q3 2015, a number of large scale transactions are expected to complete in the final quarter of the year including 165,000 sq ft at 101 The Embankment by Swinton Insurance. That should guarantee a yearend total of close to 1m sq ft, keeping in line with the 5 year average.
Several sizeable transactions occurred in Q3 including, 81,293 sq ft to Freshfields at One New Bailey, 11,098 sq ft to Kennedys Law at Churchgate House as well as 11,748 sq ft and 16,183 sq ft to NOMA at The Peninsula and Federation House respectively.
Small scale requirements (space sized below 5,000 sq ft) accounted for 77.2% of the transactions completed in Q3, indicating resilience within the SME sector and consistent with the previous quarters this year.
The out of town markets continued to perform well with take-up in South Manchester reaching 108,595 sq ft in Q3, totaling 360,390 sq ft so far this year, 24.54% below the same period in 2015. The Q3 total of 159,516 sq ft for the Salford Quays market is up 36.6% on the 2015 Q3 total, this is largely down to 93,796 sq ft to AJ Bell at Exchange Quay. Warrington saw a 6% increase on the same period last year, with a total of 240,596 sq ft.