OPINION
Chris Mulcahy, JLL, Manchester
TAKE-UP “Take-up in Manchester city centre remains relatively modest, down 10.4% compared with the previous quarter. The majority of transactions represent smaller deals of less than 5,000 sq ft. Activity was driven primarily by the services sector, which accounted for around 45% of take-up.”
SUPPLY “Vacancy rates were down from 12.5% in the second quarter to 11.9% at the end of Q3. Grade A supply remains far more constrained, however, reflecting a vacancy rate of just 2.9%. The development pipeline was unchanged, with no new speculative starts and nothing under construction on a speculative basis.”
Chris Prescott, JLL
“The only new-build completed in Liverpool to date during 2011 is No 4 St Paul’s Square, developed by English Cities Fund. The Merseytravel building at Mann Island has yet to reach practical completion.”
