A recent report from the Manchester Office Agents Forum (MOAF) revealed a total of 1.2m sq ft of office lettings across 271 transactions in 2017, well above the 10-year average. Metropolis ran over 330 business leads on Manchester office moves in 2017, which if all added together would total over 10m sq ft. MOAF said strong demand for prime offices has left the market with a record low supply of Grade A office space.
The main schemes with available space are 101 Embankment, No 1 Spinningfields, 3 Hardman Square, 40 Spring Gardens and 2 St Peter’s Square, which is likely to trigger some short-term refurbishment projects
There are a number of Grade A schemes under construction to include Landmark (180,000 sq ft), 125 Deansgate (126,000 sq ft), Hanover, NOMA (90,000 sq ft), Circle Square (230,000 sq ft) and 11 York Street (80,000 sq ft), the majority of which will be delivered in mid-late 2019.
Key office lettings in 2017 included: 55,802 sq ft to We Work at No1 Spinningfields and 44,000 sq ft at One St Peters Square, 77,449 sq ft to DWP at 2 St Peters Square and Clyde & Co taking 69,000 sq ft at Manchester Royal Exchange.
Metropolis research also relayed early warning news of large Manchester moves by companies including Barclays Bank, Distelrec, Bupa, Callcare, Virgin Media and The Hut. Forthcoming Manchester moves tipped by Metropolis for 2018 or beyond total just over 200.
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