Office space in Manchester reached its highest take-up rate for years in the first six months of 2019.
Data published by property advisors Colliers show that there were deals for 806,024 sq. ft of office space in Manchester during the first half of this year. This is a 54% increase in the long term average and a five-year high.
Manchester has one of the most active commercial sectors in the UK. Among new office projects planned is a 20-acre development known as Noma in the city centre, which will accommodate 3,500 workers in a prime city-centre location. This scheme has become larger than was originally planned because of soaring demand for office space.
Another significant commercial development is next to the Select Group’s Embankment residential development in the city centre, which held its topping out ceremony at the beginning of September.
Confidence in Manchester as an office location is rising, and the population of the city is increasing 17% faster than the UK average. As more companies locate to the city, they are attracting people to move to the Greater Manchester region for employment.
Accompanying the growth in commercial property is the rise of new residential property projects to house the influx of workers moving to new jobs in Manchester. However, not enough housing is being developed to keep up with demand. If this can successfully be addressed, it is predicted that companies will continue to locate their headquarters or regional offices in Manchester over the next few years.