Manchester office market set for ‘frenetic’ year, data suggests

Manchester’s office market is on track for another strong year, according to new data.

The latest latest Big Nine report, produced by property advisory firm GVA, has revealed how the city continues to outperform other office market hotspots across the region.

Takeup reached 1.2 million sq ft across the city centre during Q4 2016, while out-of-town areas recorded over 1 million sq ft.

Activity in the city was boosted by Swinton Insurance’s 165,000 sq ft deal at 101 Embankment.

In Liverpool, meanwhile, out-of-town takeup hit 55,000 sq ft, which is well above the five-year quarterly average of 42,991 sq ft.

One of Merseyside’s biggest office deals in the quarter saw Scottish call centre operator Kura take 34,201 sq ft at Caspian House, Atlantic Park.

Of all the office space snapped up across the Big Nine UK cities, Manchester accounted for one third.

Chris Cheap, regional senior director at GVA’s office in Manchester, said: “In Manchester city centre almost as much space was transacted in the last three months as the rest of the year, something of a surprise in the sheer number of transactions.

“The headline grabbing Swinton deal provided a strong platform for the large number of sub 5,000 sq ft transactions which took place across all grades. This is testament to the strength of the central Manchester market place which has now seen three consecutive years of take-up in excess of 1 million sq ft.”

He added: “In the first month of 2017 we have seen some significant office requirements emerge which suggests that the frenetic leasing activity will continue.”

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