Last year proved a record one for Manchester in terms of office rentals, with data from JLL showing lettings reached 1.3m square feet. Lettings in Salford Quays were at a five-year high. Investment totaled £1.7bn.
JLL’s head of research noted Manchester’s recent outperformance compared to the rest of the country, and said the office rental market is likely to remain strong, boosted by increased employment. Rents in the city centre now average £32.50 per square foot.
As a result, companies are investing in city centre developments, among them One St. Peter’s Square, a 13-storey block that cost £65m and is 44% leased.
