MOAF: Office take-up climbs 30% in Q3 

A total of 326,000 sq ft office space was transacted in July, August and September, compared to 251,400 sq ft in the previous three-month period, according to the Manchester Office Agents Forum. 

This marks a 30% increase compared to the previous quarter and the same period last year. 

“Despite the ongoing economic and political upheaval, the Manchester office market has remained extremely resilient,” said Richard Wharton, director at JLL. 

“We saw 10 city centre transactions over 10,000 sq ft in Q3 alone, compared to a total of three in the first half of the year, and we expect a strong Q4 to take us beyond 1m sq ft for the year.” 

Notable city centre deals during the third quarter of 2022 included the Government Property Agency taking 36,375 sq ft at 101 Barbirolli Square and Manchester Metropolitan University signing for 36,116 sq ft at Manchester Technology Centre. 

Other city centre transactions included Elizabeth School of London’s 12,000 sq ft letting at Wellington House and London School of Commerce securing 9,000 sq ft at City Tower. 

Several flexible operators also made moves during the summer months; Orega took 26,000 sq ft at One Balloon Street, Gilbanks made its Manchester debut at 11 York Street and Huckletree expanded its Express Building footprint.  

A further 199,344 sq ft was transacted in South Manchester, an increase of 240% on the previous quarter. 

The most notable transaction in Q3 was Yourgene’s 43,029 sq ft letting at Skelton House at Manchester Science Park.  

Take up in Salford Quays and Trafford was 46,239 sq ft, 50% down compared to Q2, but the number of transactions rose from 32 to 38.  

“While businesses are tackling strong economic headwinds, South Manchester’s Q3 take-up was the largest of any quarter since Q3 2018,” said Mark Cooke, associate director at Avison Young. 

“[This] is a testament to the level of demand for good quality offices both in business parks and town centre locations. We are still experiencing a “flight to quality” and companies are seeking the right size.”  

MOAF was formed in 2009, and members include Avison Young, BE Group, CBRE, Colliers International, Canning O’Neill, Cushman & Wakefield, Edwards & Co, Hallam Property Consultants, JLL, Knight Frank, LSH, Matthews & Goodman, OBI, Savills, Sixteen, and TSG Property Consultants.