Manchester Office Market Report August 2007

Published: July 2007
Source/Company: Colliers CRE

Abstract:
• Manchester take-up rose year on year to stand at 922,621 sq ft at the end of 2006. A strong start to 2007 saw 417,132 sq ft let.
• Availability has fallen in the first half of 2007 and now stands at 1.9 million sq ft.
• Development completions will total 1.6 million sq ft in 2007. 45% of space is already pre-let.
• Investment activity reached record levels in 2006, with £701 million of deals transacted. The first half of 2007 has seen a further £131 million of investment deals.
• Prime rents in Manchester still stand at £28.50.
• A refocus of the traditional office core as occupiers take space at new developments such as Spinningfields and Piccadilly Place.