Office take-up in central Manchester during 2011 was down by 46% from the previous year’s total, according to the latest figures released by the Manchester Office Agents’ Forum.
Total city centre take-up in 2011 was 700,000 sq ft, reflecting a significant drop from 2010’s total of 1.3m sq ft.
However, MOAF pointed out that 2010’s figure was boosted by the Co-operative Group’s 328,000 sq ft prelet at its NOMA scheme at One Angel Square, which went unconditional during that year.
The key deals during 2011 included KPMG’s prelet of 63,000 sq ft at the Greater Manchester Property Venture Fund’s and Argent’s One St Peter’s Square, as well as Aegis’s deal to take 35,000 sq ft at Bruntwood’s City Tower.
Take-up in South Manchester last year was 486,000 sq ft, representing a marginal increase on 2010’s figure of 483,000 sq ft.
GVA’s Richard Lace, spokesman for MOAF, said: “While take-up in the city centre is down on the ten-year average figure of around 900,000 sq ft, Manchester is showing some resilience against the difficult trading conditions.
“This is illustrated by the prelet to KPMG, which has allowed GMPVF and Argent to kick-start the only predominantly speculative development outside the London region.”
daniel.cunningham@estatesgazette.com
