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Office vacancy rate in Manchester city centre drops to five-year low of 15.3%

Office take-up in Manchester city centre soared by 11.7% last year, driving the vacancy rate down to a five-year low of 15.3%.

New figures reveal steadily rising interest in city centre-based commercial property in Manchester.

According to the Manchester Office Agents Forum (MOAF), office take-up in the city centre jumped by 11.7% last year to 880,620 sq ft.

The vacancy rate plummeted to a five-year low of 15.3%, with 22 deals closed with an average size of 3,195 sq ft.

Available Grade A space in Manchester city centre fell by a third in 2013, meaning it is currently 75% below the 600,000 sq ft high recorded in December 2009.

Key deals contributing to the encouraging figures included: World Pay taking 22,069 sq ft of space at 3 Hardman Square, Spinningfields; Jacobs committing to 23,526 sq ft of space at First Street; and Travel Jigsaw signing for more than 60,000 sq ft at Sunlight House, Quay Street.

The above figures suggest that Manchester properties in the city centre have plenty to offer individuals interested in property investment.

Rupert Barron, Director of the office agency at Colliers and spokesperson for MOAF, said:

“The central Manchester market continues to witness a strong level of demand for both good quality refurbished stock and Grade A accommodation, that can offer tenants increased flexibility in their workplace strategy.”

While demand rose sharply in the city centre, there was a palpable fall in demand in the south of the city, Salford Quays and Trafford.

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