Occupier interest in Manchester offices remained strong in the second half of 2015 with 639,600 sq ft let. Although this is marginally less (5%) than in H1, it does represent the highest H2 total recorded since 2010. This strong end to the year meant that total take-up for 2015 reached 1.3m sq ft, broadly in line with 2014 and 31% above the 10- year average.
Professional Services represented the largest occupier group in both H2 and during 2015 accounting for 34% and 41% respectively. This compares to 38% last year. The letting of 56,000 sq ft to Addleshaw Goddard at One St Peters Square in Q4 was the largest transaction of the year from the sector. The new lease will see the law firm move from Barbirolli Square.
Significantly, all three lettings above 50,000 sq ft during 2015 were completed in H2. The letting of 60,000 sq ft to technology firm NCC Group at the XYZ Building was the largest transaction of H2. This was followed by Addleshaw Goddard transaction at One St Peter Square and the 51,000 sq ft let to Gazprom at First Street.
Source : Knight Frank