Xero takes top floor at Landmark, sets record rent 

The cloud-based accounting firm has taken 13,200 sq ft at Barings’ Manchester office, setting a new headline rent for the city at £40/sq ft, according to market sources.

Xero joins RSM, HSBC, JLL, Grant Thornton, Allianz and flexible workspace provider Hana in the 180,000 sq ft Landmark. 

The company has signed a 10-year lease on the top floor of the building. The deal marks the first time office rents in Manchester have reached £40/sq ft, according to market sources.

Grant Thornton set a new headline rent for the city in early 2021, signing a 15-year lease on the 11th floor at Landmark with the rent set at £38.5o/sq ft. Rents at Aviva’s 11 York Street have reportedly reached £39.50/sq ft this year.

Consultancy Knight Frank predicted in its half-year review that Manchester’s headline rent would breach the £40 mark before the end of the year. 

“We are delighted to have completed a letting on the 13th floor at Landmark so quickly after the recent letting of the 9th floor to global audit, tax and consulting firm RSM UK,” said Ian Mayhew, managing director of UK asset management at Barings. 

“The key environmental credentials, technological infrastructure, and occupier experience we have worked hard to deliver continue to attract high calibre occupiers to our best-in-class building.” 

Following the Xero deal, there are now two floors remaining at Landmark, totalling around 28,000 sq ft. 

Dominic Pozzoni, director of Colliers national offices team, added: “Landmark has proven to be a highly sought-after office building, attracting global occupiers.

“We have continued to see occupiers seeking a flight to quality and Landmark provides exceptional office space and amenities within a highly central and accessible location.”