Manchester city centre - Comment for Q4 Take Up and Full Year
Grade A office space in Manchester city centre continue to be let, the take up for Q4 totalled 208,595 sq ft across 54 deals. A decrease from the previous quarter which was 351,063 sq ft in 59 deals. However, office take up for Manchester city centre fell just short of 1 million sq ft for 2023. Manchester recorded 946,000 sq ft in 221 deals, down from 1.2 million sq ft in 2022.
The final figure for the year was below the 5 and 10-year average figures for the city due to reduced number of larger deals.
The largest deal signed in 2023 was Arden University taking 43,000 sq ft at 2 Hardman Street. Meanwhile Pinsent Mason and Hill Dickinson committed to 27,000 sq ft and 18,192 sq ft respectively at St Michael’s, the Relentless and KKR development, setting a new headline rent of £43.00 psf for Manchester.
Manchester’s office market continued to perform strongly despite the diminishing stock of Grade A options and the uncertainties in the global economy.
South Manchester – Comment for Q4 Take Up and Full Year
For Q4 2022, South Manchester recorded a figure of 104,912 sq ft of office accommodation let which was slightly below the corresponding figure of 109,988 sq ft for the same quarter last year.
During 2023, South Manchester recorded 251 transactions totalling 547,195 sq ft of office space taken, significantly higher than the 2022 figure of 463,000 sq ft.
The letting of Lakehouse in Cheadle to Seda Pharna Developments was the largest transaction.
Other notable deals included, London College of Accountants committing to 36,468 sq ft of space at Base, Manchester Science Park, and Health Intelligence Ltd taking 23,705 sq ft at Universal House.
Salford Quays/Trafford- Comment for Q4 Take Up and Full Year
The take up figures for the year were significantly lower than 2022. The office market in Salford Quays and Trafford witnessed a take up of 218,199 sq ft of space during 2023 in 72 deals, compared to 277,802 sq ft in 126 deals in 2022.
The largest deal of the year was the letting of Valo Building extending to 36,164 sq ft to The University of Bolton.
