How did the Manchester and Birmingham Office Markets Perform in Q1 2016?

Posted on 5 May, 2016 by Chris Grigorovsky

Q1 2016 has seen a strong start for both Birmingham and Manchester office markets, with a healthy level of activity, according to data from Colliers International.

Office work place

Since 2015 saw Birmingham city experience record annual take-up of 970,458 sq ft, this year it has achieved the busiest ever first quarter, with take up reaching 283,697 sq ft, above the 10-year quarterly average of 171,839 sq ft.

There were a total of 36 deals in Q1 2016, with Grade A office take-up accounting for 55% of the deals.
Head of Colliers’ Birmingham office team, Douglas Bonham, commented: “While we anticipate continued healthy demand from existing regional occupiers, inward investment will increasingly play a significant part in the West Midlands office market over the coming years.”

Meanwhile, in Manchester, activity in Q1 was fairly slow, with take-up being 196,533 sq ft, however Colliers said the demand for office space in central Manchester still remained healthy, thanks to local and national demand. The biggest contributor to the total take-up was the business services sector.

Colliers has said that by mid-2016, Grade A office take-up in the Manchester market is likely to experience a complete absence of ready-to-occupy supply, which will persist until Q3 next at the least.

However, this shortage will most likely settle in the coming years, with 967,832 sq ft of Grade A space to be delivered between the end of this year and 2018.




Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.


Recent Posts

The latest property data has identified Newquay as the fastest property seller’s market in the UK

Investing in your garden can increase your property’s value

French Riviera temping high-end homebuyers

How can the ownership rights of my commercial property impact a business sale?

Should I incorporate virtual property viewings permanently?

Investment expected to increase across Asia-Pacific in 2021

UK property industry slows as the conclusion of tax break looms

BNP Paribas cautioned investors on Friday as debt-trading bonanza that increased its earnings this past year

Over 300,000 property purchases fell through in 2020 – we show the most frequent motives and the best way to get your house sale back on track

House Prices in the Capital Surpass £500,000

Optimism from the Bank of England’s chief economist

The most expensive commercial properties.

Businesses operating from shared premises will miss out on grants

BA cuts 12,000 jobs, unions hit back

Media Streaming Service See Record Subscriptions

Covid-19 Causes Millions To Claim UK Furlough Scheme