Manchester lettings top 1m sq ft
Take-up in the Manchester office market has reached 1,101,403 sq ft for the year to date.
This latest figure has resulted in total take-up for Q1-Q3 of 2019 exceeding the Q1-Q3 five-year average, according to the Manchester Office Agents Forum.
MOAF reported that 71 office deals completed in the city during Q3, higher than the number of deals in Q1 and Q2, with the largest being 35,476 sq ft let to Marker Study at M&G and Intu’s Arndale House.
Take-up in the Manchester office market has reached 1,101,403 sq ft for the year to date.
This latest figure has resulted in total take-up for Q1-Q3 of 2019 exceeding the Q1-Q3 five-year average, according to the Manchester Office Agents Forum.
MOAF reported that 71 office deals completed in the city during Q3, higher than the number of deals in Q1 and Q2, with the largest being 35,476 sq ft let to Marker Study at M&G and Intu’s Arndale House.
Other notable deals included 27,723 sq ft let to Capita Business Services at Helical’s Lee House and 26,259 sq ft to Regus at BA Pension Fund’s St James’s Tower.
Andrew Cooke, an associate in the office agency team at Savills Manchester, said: “After a very strong first half of the year, office take-up in Manchester city centre has remained robust in Q3, with a significant number of lettings to a broad range of occupiers. Despite the ongoing political and macro-economic uncertainties, occupational demand remains positive, with 2019 set to be another strong year for city centre take-up.”
Outside of the city centre, Salford Quays and Trafford reported its strongest quarter of the year to date at 81,710 sq ft, bringing the total for the year so far to 204,033 sq ft. September alone saw 15 deals transacted, with the largest being 20,700 sq ft to the Doctors Laboratory at Regents Court.
In the south Manchester market, 131,436 sq ft was let, bringing the total for the year to 408,707 sq ft, which is significantly below the equivalent period for 2018. However, there continues to be pent up demand in the south Manchester market, with several high-profile transactions due to complete in Q4.
Formed in 2009, MOAF members include Avison Young, BE Group, CBRE, Colliers International, Canning O’Neill, Cushman & Wakefield, Edwards & Co, GVA, Hallams Property Consultants, JLL, Knight Frank, LSH, Matthews & Goodman, OBI Property, Savills, Sixteen Real Estate, and TSG Property Consultants.
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