Manchester
Key stats
TOTAL TAKE-UP IN QUARTER (SQ FT)
-3% CHANGE ON LAST QUARTER
VACANCY RATE
-6BPS CHANGE ON LAST QUARTER
PRIME RENT PER SQ FT
0% QUARTERLY CHANGE
TAKE-UP (SQ FT)
Source: Avison Young
The momentum seen in Q1 continued into Q2 2025 with positive demand seen over the quarter. 542,100 sq ft of take-up was recorded and while this was 3% lower than Q1, take-up still sat greater than the 10-year average; at 1.1 million sq ft, 2025 has been the strongest start of the year since the pandemic.
Manchester’s reputation as a hub for TMT and Creative occupiers was highlighted over the quarter, with 36% of take-up seen from this sector. Indeed, the largest deal of the quarter saw entertainment firm Warner Brothers let 48,500 sq ft near Media City in Salford.
City centre office vacancy decreased marginally over Q2 2025, primarily driven by the occupancy of Grade A space. While No. 1 St Michael’s completed over the quarter, this was fully let prior to completion with speculative space at 3 Circle Square due to complete later this year.
Prime rents in Manchester remained unchanged at £45.00 per sq ft, while rent frees remain at 27 months for a 10-year lease.
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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