The number of companies taking up new office space in Manchester is anticipated to increase throughout the second half of 2016, with a number of companies already agreeing deals.
The statistics come from the latest Bilfinger GVA report, a series of statistics produced on a quarterly basis that analyse a number of markets, including the office industry. Despite the report suggesting a slight dip in the first half of 2016 compared to quarterly averages, Manchester was still considered a top performer.
The report suggests that the 220,587 square foot of office space taken up in Manchester during the second quarter of 2016 was the highest take-up rate of any of the ‘big nine’ cities outside of the capital.
Speaking about the report, Bilfinger GVA senior director and the head of offices, Christopher Cheap, explained that supply dynamics are suggesting an upturn in fortunes for the remainder of the year after an anticipated slowdown at the beginning of 2016.
Those with office space in Manchester to rent out should be delighted to hear that take-up in the city is expected to be much better in the second half of 2016. This upturn is because a number of companies already committing to taking up space in this period, with Irwin Mitchell signing up for 22,000 square feet, and Swinton taking up 160,000 square feet of office space in Manchester in the next few months, with many more looking to secure deals.
These movements will bolster the figures and bring the statistics for the year as a whole closer to five-year average, which currently stands at one million square feet.
