Manchester office relocations lead to strong Q3 result
Businesses moving offices to Manchester have helped the city's office market to post strong Q3 results.
After a sluggish start to the year, Manchester office relocations helped to boost the city's office market in Q3 according to results out last week. Figures show that businesses moving offices to Manchester let 327,065 sq ft of office space between July and September - a 91% increase on Q2.
The figures also show that nearly 674,000 sq ft of Manchester office space has been leased in 2010 to date - a figure last seen in 2002. Many experts believe the figures show that the Manchester office market is now starting to return to pre-recession levels - something which has been buoyed by Manchester office moves from businesses within a range of industries.
Industry insiders believe many businesses who chose to move to Manchester office space in the third quarter came from 2 main sectors: the professional and insurance sector and business services. When combined, these 2 sectors contributed to nearly 75% of the office relocations to Manchester.
Overall office vacancy rates for the city currently stand at around 4.9 million sq ft - a decrease of 4% from Q2. Prime Manchester office space rents continue to hold steady at around £28.50 per sq ft, however average rents rose slightly in Q3 to £17.00 per sq ft.
With a looming shortage of Grade A Manchester office space and with average rents set to soar in 2011 as a result, many office space experts are urging businesses to make the move to Manchester office space now before it's too late.
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