Office take-up in Manchester City Centre is approaching a three-year high according to national commercial property consultancy, Lambert Smith Hampton’s (LSH) latest research, Manchester Office Pulse Q3 2013.
Despite a slow start to the year, Q3 saw city centre take-up hit 198,766 sq ft – an increase of 77 per cent on the previous quarter, which brings total take-up for the year to date to 655,108 sq ft. Levels are expected to reach 850,000 sq ft by the end of the year, well above the 2012 figure of 758,000 sq ft and the highest annual take-up since 2010.
At 179,583 sq ft, out of town take-up increased on the previous quarter by 25 per cent. However, a reduction in demand in Old Trafford and Salford Quays has seen total take-up fall from 2012’s corresponding period.
Mark Bamber, associate director of Office Agency at LSH Manchester, said: “The mood in the marketplace is certainly more positive, and the figures clearly indicate an upward trajectory. While we may not have returned to pre-recession levels, consistent recovery is much more sustainable than the boom of 2007.
“We expect to see increased activity in the final quarter of this year, with a number of active requirements from large corporates in the market, which for the last few years have been absent. There is no reason why this growth trend should not continue well into 2014 and beyond.”