Office take-up in Manchester reached 432,619 sq ft in Q3 2024 – 23% up on Q3 2023 and 50% and 42% up against the five- and 10-year quarterly average respectively, according to the latest data from Savills.
Take-up in the first three quarters of the year hit 943,504 sq ft – 28% higher than the same period in 2023 and a 23% increase against the five-year average and a 10% increase on the 10-year average. The largest deal in Q3 in Manchester was Bank of New York Mellon taking 196,000 sq ft at 4 Angel Square (pictured).
Savills forecasts that 2024 will be a record post-Covid year with take-up reaching 1.3m sq ft. Due to a shortage of Grade A stock, the company expects to see upward pressure on rents with £45/sq ft being achieved in Q4 2024.
Richard Lowe, director in the office agency team at Savills Manchester, said: “Driven by some significant deals, the Manchester office market has seen a substantial increase in take-up activity this year underlining the strong fundamentals of the city as a business destination. As we move forwards, however, there will be challenges around the supply of new stock given the low levels of development beyond what is currently in the ground, which will likely result in occupiers turning to high quality refurbished stock.”
