MOAF - Manchester Office Market – Q2 2021
Manchester city centre office take up has experienced a slight decline during the second quarter of 2021.
Deals totalling 220,200 sq ft were signed, compared with 234,258 sq ft transacted in the previous three-month period.
The figures do however demonstrate a year on year improvement. In the same quarter last year, just 76,000 sq ft was transacted.
The slight dip in take up is likely due to the effects of post-Christmas lock down, coupled with the fact that many occupiers are currently still reviewing their workplace strategy.
Larger deals returned this year, with six deals above 20,000 sq ft completing in the first half of 2021. In 2020, just seven deals of this size were completed during the whole year. Total take up this year so far is 454, 5000 sq ft.
Notable city centre transactions in Q2 2021 included:
- Instant Group, 58 Mosely Street – 33,374 sq ft
- Castore, Once Central – 22,085 sq ft
- Whispering Smith, 274 Deansgate – 23,702 sq ft acquired for £6.35m
- Auto Trader, One Tony Wilson Place – 16,824 sq ft
The office market experienced a quarter on quarter increase in take up, from 92,797 sq ft to 117, 535 sq ft. This was largely due to the letting of Pacific House at Atlas Business Park in Heald Green, which was also the largest deal in Greater Manchester during the quarter.
Salford Quays and Old Trafford
Quarter on quarter take up dipped from 66,877 sq ft to 35, 820 sq ft. Tech Mahindra’s 16,220 sq ft expansion at The Vic accounted for almost 50% of the space taken.
This research is compiled by MOAF (Manchester Office Agent's Forum). Formed in 2009, MOAF members include Avison Young, BE Group, CBRE, Colliers International, Canning O’Neill, Cushman & Wakefield, Edwards & Co, GVA, Hallam Property Consultants, JLL, Knight Frank, LSH, Matthews & Goodman, OBI, Savills, Sixteen, and TSG Property Consultants.