Hope for new office development in Manchester
The Manchester commercial property market might have suffered over the last few years but it may be about to bounce right back.
At the height of the recession the Manchester office market market was in disrepair. Office vacancy rates stood at an all time low in many areas and many prominent office developments were mothballed to a halt. Fast forward around 12 months and what's changed? Well from the outlook it might look like not a lot but under the surface things are moving fast; commercial property developments in Manchester are starting to restart and vacancy rates are starting to look much more respectable.
North-west secondary office developer Bruntwood are among one of the many commercial developers commencing work on a number of projects in the Manchester area. In addition to moving into new build offices, the firm are continuing their redevelopment of the iconic former Manchester Eye Hospital site and have also been shortlisted for the surplus BBC building and land on Oxford Road. Positive news for the firm whose boss, Michael Oglesby, was honoured with a CBE in the Queen's new year's honours list.
On top of the Bruntwood schemes, it's also hoped the Manchester office market will receive a boost in tenant numbers when the BBC completes its office move to Media City UK at the end of the year. In addition to attracting one of the biggest media corporations in the world, new figures show the scheme is also attracting occupier interest from a number of other prolific businesses in the sector.
And it's not just the Manchester office space market that's receiving a much needed boost at the moment - other areas in the North West are also starting to recover and move on from the recession. Liverpool City Council is believed to be considering the 'selective redevelopment' of its main retail area outside the popular Liverpool One scheme, while the Northwest Regional Development Agency is expected to sell or transfer some of its assets ahead of its closure in 12 months time.
All in all, recent evidence shows that an office move to Manchester might be just what your business needs to move forward from the recent economic downturn. Wherever you choose to relocate to in the North West, be sure to use a reputable Commercial Property Agent in Manchester and check out the office moving checklists on Help Moving Office today.