Manchester
Take-up
TOTAL TAKE-UP IN QUARTER (SQ FT)
CHANGE ON LAST QUARTER
CHANGE ON 10 YR QUARTERLY AVG
TAKE-UP (SQ FT)
Source: Avison Young
Q2 take-up totalled 506,729 sq ft, 23% below the 10-year Q2 average.
Q2 take-up was stronger in the city centre market which was 7% above the 10-year average, while the out of town market was 34% below average.
Key deals in the quarter included:
- Cubo’s 59,431 sq ft lease at No.1 Spinningfield’s;
- KOBA’s 28,130 sq ft lease at 100 Barbirolli;
- S&P Global’s 19,695 sq ft lease at No.1 St Michaels on the 5th floor.
The leading drivers of demand over the past year were the professional services, government, and TMT and creative sectors, which accounted for 62% of take-up. Demand for serviced offices in the city centre market totalled 121,494 sq ft, accounting for 36.6% of take-up.
The prime rent increased to £44.00 per sq ft, 10% higher than a year ago.
NOTABLE DEALS
Source: Avison Young
PRIME RENT
Per sq ft
Quarterly Change
Source: Avison Young
12 month change
Rent free months (10-year lease)
TAKE-UP BY SECTOR
Source: Avison Young
ANNUAL TAKE-UP (SQ FT)
Source: Avison Young
Availability
AVAILABILITY RATE
CHANGE ON LAST QUARTER
CHANGE ON LAST YEAR
AVAILABILITY (SQ FT)
Source: CoStar, Avison Young
The availability rate fell 84 basis points quarter-on-quarter to 8.3% and premium quality space remains undersupplied, with the grade A availability rate at 2.9%.
Development pipeline
DEVELOPMENT PIPELINE (SQ FT)
Source: Avison Young/PMA
A total 215,000 sq ft completed in 2024. A further 942,500 sq ft of new and refurbished space is due to complete across schemes including The Island, St Michael’s, Plot 9a-First Street, Pall Mall Court and 3 Circle Square over the next two years. Of all expected completions, 592,466 sq ft (63%) is currently available.
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