The latest research from Lambert Smith Hampton (LSH) has found that Manchester office space is being snapped up at a rapid pace.
The year started off slowly, but Q3 saw city centre take-up reach 198,766 sq ft. This figure represents an increase of 77 per cent over the previous quarter, which brings the total take-up for the year to November to 655,108 sq ft.
By the end of December, the levels should reach the 850,000 sq ft mark, which is the equivalent of approximately 11 Old Trafford football pitches. This is well above the 758,000 sq ft level achieved in 2012 and the highest amount seen since 2010.
Out-of-town take-up has also increased in Q3, rising by 25 per cent to 179,583sq ft. However, there has been a drop in demand in Salford Quays and Old Trafford compared with the same period in 2012.
Mark Bamber, the associate director of Office Agency at LSH Manchester, believes the figures point to an upward trajectory. He went on to say that while they are not yet at pre-recession levels, consistent recovery is “much more sustainable” than the boom the market saw in 2007.
Mr. Bamber said that he expects to see increased activity in the last quarter of the year and that there is no reason why the growth trend should not continue into 2014.
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