Office market level with 2011, says MOAF

Take-up of office space in Manchester city centre totalled 302,564 sq ft in the first half of 2012, almost identical to the level in H1 2011, 302,146 sq ft, according to Manchester Office Agents Forum.

MOAF, releasing its quarterly figures, said south Manchester witnessed an encouraging 74% increase in take-up to 281,000 sq ft, compared to 161,043 sq ft in the same period last year.

The south Manchester figures were helped by an increased number of larger transactions; 35% of reported deals were in excess of 5,000 sq ft, although only two deals so far in 2012 were greater than 10,000 sq ft.

Notable transactions in the city centre included The Oddfellows friendly society's acquisition of the Courthouse Deansgate at 13,320 sq ft and Money Plus Group taking 21,500 sq ft at Riverside, New Bailey Street.

David Laws, head of office agency at Matthews & Goodman, and spokesman for MOAF, said: "The half-year results are encouraging and with total take-up for the North West markets up by 43% on 2011 one might afford themselves a little optimism. However whilst headlines refer to a continually diminishing stock of Grade A new build accommodation, to satisfy anticipated forthcoming corporate activity, it should be highlighted that during the period 87% of the deals transacted in the city centre alone, are on suites of accommodation that are sub 5,000 sq ft and on flexible short-term leases."

The Manchester Office Agents Forum was formed in 2009, its current members include CBRE, Canning O'Neill, Colliers International, Cushman & Wakefield, DTZ, Drivers Jonas Deloitte, Edwards & Co, GVA Ltd, Jones Lang LaSalle, Knight Frank, Lambert Smith Hampton, P3 Property Consultants, Matthews & Goodman, Savills, OBI and WHR.