Manchester
Key stats
TOTAL TAKE-UP IN QUARTER (SQ FT)
+25% CHANGE ON LAST QUARTER
VACANCY RATE
+116BPS CHANGE ON LAST QUARTER
PRIME RENT PER SQ FT
0% QUARTERLY CHANGE
TAKE-UP (SQ FT)
Source: Avison Young
Manchester saw a strong start to 2025 with take-up reaching 556,513 sq ft, up 25% on the previous quarter and 3% ahead of the 10-year quarterly average. The OOT market saw take-up reach 236,518 sq ft, up 45% on Q4 2024.
Auto Trader’s 130,000 sq ft letting at 3 Circle Square provided a boost to city centre take-up and confirms the cities attractiveness to large Tech firms. As a result, the TMT & Creative sector drove demand in Q1 accounting for a 27% share of take-up, followed by Government & Services taking a 24% share.
The addition of major refurbishments due for completion in H2 2025 to the supply figures; Pall Mall Court, King Street (85,500 sq ft) and Campfield Market, Liverpool Road (83,000 sq ft), has resulted in the vacancy rate increasing 116 bps to 10.6%. We estimate Grade A vacancy stands at 3.5%.
Prime city centre rents saw no movement at £45.00 per sq ft and rent frees remain at 27 months on a 10 year term.
NOTABLE DEALS
Source: Avison Young
TAKE-UP BY SECTOR
Source: Avison Young
ANNUAL TAKE-UP (SQ FT)
Source: Avison Young
AVAILABILITY (SQ FT)
Source: CoStar, Avison Young
DEVELOPMENT PIPELINE (SQ FT)
Source: Avison Young/PMA, Glenigan
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