Market Watch

Manchester : Office - May 2017

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The first quarter of 2017 has been driven by smaller deals.

Take-up in Q1 2017 reached 208,233 sq ft, which is 3% up on the first quarter long-term average takeup of 196,000 sq ft. Manchester is on track to exceed one million sq ft by year end.

The largest city centre deal during Q1 2017 was to TravelJigsaw Ltd, who took 22,196 sq ft of refurbished space at 42-44 Fountain Street.

The business and consumer services sector was the most active sector during the first quarter of the year, accounting for over a third of take-up at 39%, followed by the insurance and financial sector (13%).

Like 2016, the first quarter of 2017 has been driven by a high proportion of smaller deals. Deals under 3,000 sq ft accounted for 40% of take up, above the five year average of 20%.

Availability of city centre Grade A space rose by 6%, which was accounted for by 8 First Street coming onto the market, and is set to reach practical completion during October 2017.

Source : Savills

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