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Spotlight: Manchester Office Market Report – March 2017

Research Article

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The economy of Manchester grew by an estimated 2.9% during 2016

Summary

■ Take-up reached 1.3m sq ft with almost 70% of these signing post-referendum. Anecdotally at least, the early indications are that 2017 has started in the same vein.

■ The economy of Manchester is estimated to have grown by 2.9% during 2016, an impressive performance given the result of the EU referendum, and well above the UK average of 1.8%.

■ Manchester is expected to see faster office based employment growth over the next five years than Greater London and all of the key UK regional cities.

■ Grade A rents have remained steady over the last 12 months at circa £34 per sq ft. Rental pressure continues to develop on good quality refurbished space across the city.

■ The refurbishment market has made up 62% of the total take-up in Manchester over the last 10 years, making it a significant sector in the Manchester property market.

■ UK wide activity also points to additional and increasing demand from sectors such as Technology and Media, which are estimated to see around 4,000 jobs created in the region over the next 10 years.

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