Figures announced by the Manchester Office Agent’s Forum (MOAF) reveal that the take-up of office space in Manchester during Q1 of 2020 was strong, with an uptake of 306,492 square feet over 58 deals.
Significant deals included the 67,348 square feet office space at Bruntwood SciTech’s Square. M&G’s Arndale Tower also let 52,260 square feet of space and is fully let, while bookmaker Bet365 took significant office space at Boultree Brooks’ Core.
Outside of the city centre, there was strong activity in the Old Trafford and Salford Quay areas, where office take-ups totalled 111,916 square fees over 19 deals. Meanwhile, in South Manchester, 105,8821 square feet were let in two deals alone.
The MOAF has noted that the coronavirus restrictions have put a hold on property activity for the time being, but says this has had limited impact on interest in future office deals. The majority of deals that were near completion before the lockdown are still going ahead.
Although there may be challenges in the future, property experts believe that there will still be a strong demand for office space from companies looking to expand or relocate to Manchester.
Richard Wharton of JLL commented:
“Activity seen in the first three months of 2020 demonstrates the strength and depth of the Manchester city centre office market with lettings seen across a range of office schemes including new-build development, refurbished buildings and a new flex operator – Hana – entering the market.