The Manchester office space market had a record year in 2018 boosted by a number of large deals in the final quarter.
The take-up of office space in Manchester exceeded 1.75 million square feet, which surpasses the 1.2 million square foot take-up in 2017 and beats the previous record high of 1.3 million square feet in 2014.
The biggest deal of 2018 was the Booking.com location of 225,000 square feet at the Manchester Goods Yard development. Also, HMRC moved into a 157,000 square foot space at 2 Bailey Square.
The final quarter of 2017 saw major office space deals, including e-retailer Amazon occupying 89,000 square feet at Hanover House. WeWork, the flexible workspace provider, also acquired its third Manchester property at Dalton Square.
Outside of the city centre, Salford Quays and Old Trafford had a 22% rise in office space deals compared to 2017. On the back of this, telecommunications firm TalkTalk is moving their headquarters to the Soapworks building.
Speaking to BuyAssociation.co.uk, Harry Skinner of Avison Young said:
“The performance of the market in 2018 clearly demonstrates that despite the backdrop of political uncertainty, Manchester is going from strength to strength.”
He said that the improved transport infrastructure and the large pool of talent that have attended Universities in Manchester is a factor that draws major companies to the city. Landlords and developers have invested heavily to create quality office space in Manchester.
Interest in office space in Manchester is not just from UK firms, though. Enquiries from Chinese investors increased 200% in 2018 too.
