Trends of the Manchester office market
Research detailing the status of the Manchester office market at Q4
During the recession the Manchester commercial property market was struck with the same blow as other cities up and down the UK but it was beginning to stabilise at the end of Q4. As 2010 approached the northern business hub, which is popular with businesses looking to be part of a global network, was experiencing a difficult time in the lettings market. However, volumes of lettings were expected to increase and bigger scale developments were on the horizon to boost figures.
Prime headline rents were thought to have reached a floor for city centre office space in Manchester while investor demand was on the up. Oxford Economics predicted that by 2012 the employment growth in the city would turn negative as a result of cuts in public sector jobs, which may mean that office space availability could be set to rise as a result of this.
However, one quirk of Manchester office space over the recession was that many companies, instead of returning space they could no longer afford to the market, many chose to reduce their headcount and put the space on hold.
Focus on growth will still be fixed firmly on the city centre of Manchester where excellent transport links and business networks continue to make it a highly attractive prospect for office movers. The quality of stock in the city centre is also above that of more out of town office spaces, but this is naturally reflected in the rents they can command.
If you are considering moving office in Manchester, you can find a Manchester commercial property agent who can provide a shortlist of office properties in Manchester to match your criteria.
