Manchester City Centre
Over 332,100 sq ft of transactions completed in 52 deals in Manchester city centre during the second quarter of the year, which provided a significant uplift in take up for the half year following a slow start in Q1.
The Q2 figure was certainly much better than the previous quarter which witnessed only 173,000 sq ft of space let.
The largest letting of the quarter was Cubo committing to 59,100 sq ft of space at Wework’s former office in No1 Spinningfields. Other notable deals in the serviced office sector included 33,900 sq ft at St Michaels being letting to Gillbanks and Koba committing to their first location in Manchester with 28,100 sq ft in 100 Barbirolli Square.
Looking at the traditional office market for the quarter, engineering company Jacob’s signed up at The Lincoln taking 22,400 sq ft and AMS committed to 16,400 sq ft within 1 Hardman Square.
The upturn in take up for the quarter demonstrates the positive sentiment in the Manchester office market and hopefully this continues during the rest of the year due to the pipeline of larger deals that are due to complete later in the year.
Grade A accommodation continues to let well, and the recent deals highlight occupiers wishes for quality space, great amenities, flexibility and importantly strong ESG credentials. These are now high priorities for occupiers when considering an office move.
South Manchester
80,640 sq ft of space was let during Q2 within the South Manchester market in 62 transactions. The largest deal of the quarter being Regus committing to 10,000 sq ft at Elm House and RSC New Homes Limited leasing 7,321 sq ft at Unit D Hercules Business Park in Cheadle.
The general market sentiment within the South Manchester market remains positive and strong with several requirements being active within the market.
Salford Quays/Trafford Park
Salford Quays/Trafford Park witnessed a combined take up of office space of 29,743 across 12 deals during the quarter.
The largest transactions of the quarter were Specsavers Optical Superstores taking 8,158 sq ft In Cobra Court in Trafford Park and Capsil Ltd committing to 7,092 sq ft within Building 8 Exchange Quay.
