Office take-up in Manchester city centre hit 332,103 sq ft in Q2 2024, with total take-up hitting 442,486 sq ft across the region, making 2024 the best performing Q2 and H1 in the past five years, according to the latest data from Manchester Office Agents Forum (MOAF).
Three of the four transactions of more than 20,000 sq ft recorded in the period were completed by serviced office providers, with Cubo taking 59,130 sq ft at No.1 Spinningfields, Gillbanks taking 33,933 sq ft at St Michaels and Koba taking 28,130 sq ft at 100 Barbirolli (pictured).
Other notable transactions included AMS signing for 16,423 sq ft at 1 Hardman St and Jacobs committing to 22,402 sq ft at The Lincoln.
Rosie Veitch, from Sixteen Real Estate, said: “The latest MOAF data underscores the positive sentiment across the market and we predict an even stronger H2 with a substantial pipeline of larger deals due to complete later in the year. Grade A space continues to let well, and these transactions are driven by the pursuit of quality office space with rich amenity, strong ESG credentials and flexibility are now at the forefront of occupiers’ minds when acquiring new office space.
“The positivity in the office market is further evidenced by landlords’ commitment to ‘back to frame’ refurbishments at key schemes in the city including Aviary, Quoin and Havelock which will all complete in the coming months. Whilst the buoyant 10,000 sq ft+ market has taken the limelight; the smaller suite market remains resilient.
“Proactive landlords delivering best in class refurbishments continue to reap the rewards for example Threadneedle’s Clarence House which has secured a record rental tone of £45/sq ft.”
The South Manchester and out of town office market also performed strongly in the second quarter, according to Lambert Smith Hampton’s George Cohen.
“The South Manchester office market has experienced a positive take up with a total of 80,640 sq ft over 62 transactions in Q2 2024,” said Cohen. “The sentiment within the out of town office market remains strong with a number of active requirements circulating within Greater Manchester and the surrounding areas.’’
