An annual marketing review by Cheadle Royal Business Park has revealed that the lack of Grade A office space available in South Manchester will result in an increase in pre-let activity.
The amount of new office space in the region over 10,000 sq ft has been reduced significantly. For a few years pre-let activity has been minimal, but it is now expected to increase going forward this year and into 2016.
Cheadle Royal Business Park has urged businesses with impending lease events over the next three years to take into consideration the possibility of pre-let activity, to ensure property needs are met.
Development surveyor at Muse Developments and the developer behind Cheadle Royal Business Park, Greg Ball, said: “Our recent market review has clearly unearthed a lack in availability of Grade A properties throughout the region, particularly in the South of Manchester.
“Although the pre-let market has been challenging over the past couple of years, the upward trend in take-up of office space in 2014 reflects the strengthening economy and increase in confidence”.
It was reported that a total of 574,700 sq ft of office space was taken up in 2014 in the South of Manchester.
The reduction in supply of quality refurbished Grade A office space will become more noticeable in 2015 as confidence in the market grows.
Mr Ball added: “Occupier confidence is growing again and we expect greater levels of investment designated to pre-let activity”.
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