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
Q3 take-up reached 632,088 sq ft, which was the highest quarterly figures since 2019, 8% above the 10-year Q3 average and 25% higher than the previous quarter.
Q3 take-up was stronger in the city centre market which was 31% above the 10-year Q3 average, while the out of town market was 22% below average.
Key deals in the quarter included:
- BNY Mellon’s 196,443 sq ft lease at NOMA, 4 Angel Square;
- ARM’s 68,860 sq ft lease at No.1 Michael’s;
- Teleperformance’s 23,065 sq ft lease at the Bond.
The letting with BNY Mellon represents the largest deal since 2020, boosting the year-to-end figure to 943,504 which was 28% higher than the equivalent 2023 figure.
The leading drivers of demand over the past year were the Professional Services, Financial Services, and TMT and Creative sectors, which accounted for 58% of take-up.
The prime rent remained unchanged since last quarter at £44.00 per sq ft.
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 remained unchanged since Q2 at 8.3% and premium quality space remains undersupplied, with the grade A availability rate at 2.5%.
Development pipeline
DEVELOPMENT PIPELINE (SQ FT)
Source: Avison Young/PMA
In 2024, a total of 215,000 sq ft of space was completed. Additionally, 812,500 sq ft of new and refurbished space is scheduled for completion over the next two years. This includes new spaces at 3 Circle Square, St. Michaels which is now fully-let, and The Island. Refurbished spaces include Pall Mall Court, which will undergo an 85,000 sq ft refurbishment. Of all expected completions, 402,000 sq ft (49%) is currently available.
This report has been prepared by Avison Young for general information purposes only. Whilst Avison Young endeavours to ensure that the information in this report is correct it does not warrant completeness or accuracy. You should not rely on it without seeking professional advice. Avison Young assumes no responsibility for errors or omissions in this publication or other documents which are referenced by or linked to this report. To the maximum extent permitted by law and without limitation Avison Young excludes all representations, warranties and conditions relating to this report and the use of this report. All intellectual property rights are reserved and prior written permission is required from Avison Young to reproduce material contained in this report.