With managed workspace occupancy rates at c.86% across Manchester city centre, the figures provide a clear indication of the healthy levels of demand for flexible workspace across the city.
Aligned with this demand, OBI have been successful in concluding two transactions to managed workspace operators in the last two weeks.
First up, Huckletree, who have expanded in to an additional floor of 11,300 sq ft at the Grade 2* listed, Express Building in Ancoats. This transaction takes their total occupancy in the building to over 35,000 sq ft, making it the largest hub in their portfolio. After opening in autumn 2019, year-on-year occupancy at Huckletree Ancoats has steadily increased and this additional space will allow both existing occupiers to expand, and provide new occupiers to have the opportunity of occupying space in their creative co-working spaces and become part of their innovation ecosystem.
Kate Demmerling, in the Workplace Consultancy team at OBI, is currently undertaking the interior design of the second floor space which will open later this year.
The second transaction concluded was to Orega, who are set to open their fourth city centre operation in September this year, having committed to 26,000 sq ft across the part ground, first and second floors, at Wittington Investments, One Balloon Street.
OBI, acting on behalf of the Landlord, negotiated a new 10-year management agreement with Orega.
The flexible workspace offered by Orega will compliment the two floors of fully fitted and furnished workspace extending to 15,000 sq ft that remain available on the third and fourth floors.
One Balloon Street is currently undergoing a full refurbishment which includes a newly remodelled reception incorporating coffee hub, business lounge, informal and formal meeting spaces, events space and communal external terrace.
Kate Malone, OBI commented ““The managed workspace market in Manchester continues to thrive with demand coming from start-up’s and scale-up’s, as well as SME’s and larger corporate occupiers who are finding the flexibility and hotelisation of space and added amenity becoming increasingly attractive.”
Award winning tech recruitment agency calls Tower 12 home31 August 2023
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