Manchester and Warrington office market shows ‘encouraging’ Q3 performance

The overall performance of the office market in Greater Manchester and Warrington was “encouraging” in Q3 2015, according to a report.

New data from the Manchester Office Agents Forum (MOAF) showed that from July to September, around 741,926 sq ft of space was transacted, with 373,477 sq ft of that in central Manchester.

With a year-to-date total of 1,052,154 sq ft taken up, the Greater Manchester and Warrington office market is on track for a record year, according to the MOAF.

Commercial property advisory firm Matthews & Goodman, which has offices in Liverpool and Manchester, is a member of MOAF. The company’s senior associate Steve Brittle, who is a spokesman for MOAF, said of the findings: “The Q3 figures are extremely encouraging for the Greater Manchester region.

“The level of active requirements in Manchester remains healthy, supported by both local and national demand.”

He added: “Akin to the last year, the business and consumer services sectors have been the most active but we have also seen a notable significant increase in requirements from the legal sector.”

Speaking further, Steve said he believes the market will strengthen further as more and more companies seek to lower occupation costs by moving to the North, particularly in the professional services, financial and public sectors.

A number of developments have been launched to address an increasing demand for commercial space in Manchester, including the XYZ Building, One Spinningfields and One New Bailey Street, all of which are due to deliver Grade A offices in Manchester between 2016 and 2018.

Steve continued: “The Salford Quays area has benefited from occupiers seeking attractive, well-connected and cost-effective property solutions as a viable alternative to the city centre market where rental levels continue to rise.”

Central Manchester was, however, the only area surveyed that managed to top the office take-up levels of Q2 2015, with South Manchester, Salford Quays and Warrington showing a three-month dip of 14,979 sq ft, 18,400 sq ft and 14,342 sq ft respectively.

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