By the end of the first six months of 1996, office take-up in central Manchester stood at 15,335 sq m (165,059 sq ft), reports Richard Ellis. This represents a 9% increase on the corresponding figure last year.
But the latest figures also represent a fall of 33% when compared with take-up 35,650 sq m (383,760 sq ft) for the last six months of 1995.
This is partly explained by the fact that there were no significant lettings in Manchester during the first six months of the year. All but two deals struck in the city were for requirements of under 929 sq m (10,000 sq ft).
The largest deal cited in the report is the letting to the Valuation Office of 2,248 sq m (24,200 sq ft) of refurbished space in Bruntwood Estate’s Portland Tower, Portland Street.
The report also reflects the impact of the IRA bomb, which exploded on June 15. According to RE, it has resulted in lettings totalling 9,290 sq m (100,000 sq ft) as occupiers affected by the blast search for new premises.
EGi News 23/09/96
