Manchester tops ‘big six’ office league
Manchester accounted for 40% of office take-up in Q4 2009 across the so-called 'big six' UK city centres outside London, according to GVA Grimley.
Take-up of core office space in Birmingham, Bristol, Edinburgh, Glasgow, Leeds and Manchester was 805,000 sq ft, below the Q3 level of 1.1m sq ft. The first two quarters of the year each saw 500,000 sq ft of transactions.
Manchester, Bristol, Edinburgh and Leeds achieved the highest quarterly take-up of the year in Q4. Birmingham and Glasgow were well down on Q3, when they saw significant one-off deals that spiked the figures.
The biggest deal in Manchester in the three months from October to the end of the year was the 145,000 sq ft letting at One First Street by Ask to Manchester City Council.
Manchester dominated the out of town tallies as well, with 30% of deals, followed by Bristol in second place. The largest out of town deal in Q4 in Manchester was engineering giant Jacobs taking 31,000 sq ft at Cheadle Royal.
Headline rents were £28/sq ft in Manchester city centre and £18/sq ft out of town at the end of the year, GVA Grimley said, both down slightly on December 2008.