JLL: Manchester top of Big Six cities
Take-up in Manchester's office market in 2014 beat the five other biggest regional cities of Birmingham, Bristol, Leeds, Glasgow and Edinburgh, according to the latest research from JLL.
JLL's Big Six report said that a total of 28 deals above 10,000 sq ft were completed in Manchester last year, more than all of the other cities in the list.
Manchester secured the largest total volume of take-up over the twelve months at 1,327,000 sq ft. Edinburgh was in second place with 900,000 sq ft, the highest in 10 years, and Bristol was in third with 870,000 sq ft.
Grade A take-up in Manchester was around 500,000 sq ft, the highest in the Big Six and the second highest ever recorded in the city according to JLL.
The period was the best performing year for the regional markets, with total office take-up of 5m sq ft nationally in the six cities and 1,080 office transactions completed, a 25% increase on 2013.
Chris Mulcahy, office agency director at JLL in Manchester, said: "It's unsurprising that Manchester is leading the way among these markets. The city's infrastructure, labour market and strong civic leadership sets it apart and the ability and track record of attracting occupier inward investment is now well established here. This provides the step changes to growth that all cities are seeking.
"The city has responded well to its office market success with numerous much needed office development schemes on site, providing an additional injection of stock in the city centre in order to meet this uplift in demand and to provide occupiers with choice. This supply line is essential to allow inward investment to continue."