Thoughts for Greater Manchester Region
Will Lewis | 31 January 2013
2012 proved a solid year with take up totalling 788,265 sq ft in Manchester city centre and South Manchester transacting 660,829 sq ft, a 36% increase compared to 2011’s results.
In general deal activity across central Manchester was on the up with more deals being completed during 2012. However we witnessed a lack of large transactions.
Bruntwood’s Riverside scheme (see OBI TV Episode 8) performed strongly leasing in excess of 80,000 sq ft with large deals to Futureworks (24,000 sq ft) and MoneyPlus Group (21,500 sq ft) whom OBI acted as property adviser to. Other notable transactions for the year included; i2 serviced offices taking 22,000 sq ft at 3 Hardman Square and HBG taking 20,000 sq ft at Chancery Place.
We saw a successful year in South Manchester with take up being boosted by Micromass Waters who committed to a new 100,000 sq ft facility at Wilmslow Office Park and the Blemain Group’s 50,000 sq ft freehold acquisition at Cheadle Royal Business Park.
The Old Trafford region enjoyed one of its busiest years with take up totalling 245,000 sq ft, the largest letting being Think Money’s decision to relocate to new purpose built offices comprising 125,000 sq ft. The business will relocate from Salford Quays which struggled to 85,523 sq ft for the year despite a large letting to Vital Services Group of 19,499 sq ft in November.
In all 2012 proved a really positive year in light of the continuing tough market conditions in respect of the office market throughout the Manchester region. Once again Manchester has outperformed all other regional cities.
When considering the lack of large transactions in the city centre, the fact that take up reached such a positive level close to 800,000 sq ft is testament to the resilience and strength of the local economy. Interestingly the number of deals were up 43% in comparison to 2011 in the city centre and 2013 is already looking like another busy year with a number of large deals already happening. We are seeing signs of inward investment to the region increasing during the next 12 months and this will further enhance the performance of the regions property market.
Emma Powell works within the OBI Property Offices department. Please do not hesitate to contact Emma if you would like to discuss the take-up within the Greater Manchester Region in greater detail.
