Member Article

Office space and property demand on the up in Manchester

Demand for office space in Manchester has strengthened since the end of the summer, with take-up in 2013 surpassing 2012 levels.

According to Manchester Monitor, which provides a monthly analytical snapshot of Greater Manchester’s economic wellbeing, signs for 2014 are encouraging, with a number of larger requirements likely to drive demand over the next few months. Overall take-up for the whole year was around 890,000 sq. ft, 13.0% higher than the figure of 770,000 sq. ft in 2012.

The Manchester Monitor has drawn data from CBRE’s latest assessment of the commercial property market.

The latest data available for Greater Manchester also shows that:

Greater Manchester’s residential property market is starting to show signs of a recovery with the average house price in the conurbation now at £104,000 (a 1.8% rise on the same month last year).

Jobseekers allowance claimants rose in January across Greater Manchester by 2.9% (1,800 people), as seasonal jobs over the Christmas period came to and end, and they are expected to fall again in the coming months.

Hotel occupancy in Manchester city centre remained steady with 2013 levels at 63% in January. Across Greater Manchester, occupancy levels were slightly higher in January year-on-year, up to 63% from 62%. A year-on-year rise (3.7%) in assault patients attending Greater Manchester hospitals on December 2013.

Dr Alexander Roy, acting deputy director at New Economy, said: “The increased demand for office space in Greater Manchester affirms that business confidence is growing as the UK economy turns a corner.

“Elsewhere, indicators for the conurbation’s economy continue to show signs that point towards recovery. All eyes will therefore be on the Chancellor next month to see what impact the 2014 Budget might have on reinforcing and maintaining growth.”

This was posted in Bdaily's Members' News section by Simon Malia .