While the London office market accounts for around half of national activity there are regional markets that are showing signs of recovery. Manchester is chief among these locations with take-up figures during the first quarter showing a healthy increase on the same period last year.
In fact, according to Manchester Office Agents Forum (MOAF), if the current rate of take-up is sustained, the city could be on course to exceed the ten year average of 900,000 sq ft by the end of 2013.
Dan Crossley, of commercial property consultants WHR, believes that the picture is very different compared to that of 2012 and that foreign money will begin flowing into the market.
“Property companies and overseas investors see Manchester as a place to invest. Today we are seeing probably ten times the activity we were seeing this time in 2012,” he said.
Anthony Leonard, a director of international real estate company Hines, is equally optimistic about Manchester’s prospects. His firm recently agreed a joint venture with Manchester & Metropolitan Properties to develop a 178,000 sq ft office building on St Peters Square and he says he is delighted to have secured the prime site.flff
“Availability of quality office space will become scarce and with few new buildings under construction, we believe there is a tremendous opportunity in Manchester to deliver new Class A space.
“In bringing new stock to the market in 2015 and beyond, we hope to be in a prime position to capitalise on an improving economy,” he said.
And with key economic indicators pointing towards better times ahead, there could well be a further expansion of activity driving the market towards full recovery.
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