Manchester agents provide Q2 update

Second quarter data from the Manchester Office Agents Forum shows an improvement in occupier activity compared to the same period last year.

Take-up of offices in Manchester city centre in Q2 2013 totalled 194,235 sq ft, an increase of 37% compared with 141,133 sq ft in Q2 2012.

A total of 62 deals were recorded in the second quarter and whilst the number of transactions is only slightly higher than the same period last year (59), MOAF's data shows that the average size of the deals has increased.

There were three transactions over 10,000 sq ft in Q2 2013 compared to just one during the same period last year.

Key city centre office deals included BPP, who took 19,100 sq ft of space at St James's Buildings on Oxford Road, and the 18,118 sq ft letting to Iconix at 29 Dale Street in the Northern Quarter.

The picture was equally positive in other regional sub-markets monitored by MOAF.

In South Manchester, Q2 2013 take-up totalled 122,418 sq ft, almost identical to the volume recorded in Q2 2012 (124,956 sq ft).

The largest transaction in this sub market was the 37,456 sq ft letting of Lakeside 5000 at Cheadle Royal to Balfour Beatty.

Salford Quays also experienced a substantial increase in activity: 34,905 sq ft was recorded in Q2 2013, an increase of 80% compared with 19,357 in Q2 2012. The major letting in this market was the disposal of 12,666 sq ft to IGT at Peel's Quay West.

Rob YatesRob Yates, office agency director at DTZ and spokesman for MOAF, said: "Manchester continues to see a healthy level of demand.

"To the half year, Manchester city centre transacted 466,342 sq ft in 128 deals. The demonstrates the indigenous strength of the occupier market.

"We anticipate that the outturn for the year should be around the 900,000 sq ft as reported by MOAF at the end of Q1.

"Noticeably, inward movers are also being attracted to Manchester.

"Following World Pay's move in Q1 Iconix signed a lease in Q2, these two transactions representing 8.5% of total take up, a small but significant addition to the business sector in Manchester."

MOAF members include CBRE, Canning O'Neill, Colliers International, Cushman & Wakefield, DTZ, Deloitte, Edwards & Co, GVA, Jones Lang LaSalle, Knight Frank, Lambert Smith Hampton, Matthews & Goodman, OBI Property, P3 Property Consultants, Savills, TSG Property Consultants and WHR.

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Tremendous team effort, and good to see professionals in the city working together.

By George Prince

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