An annual total of 1,213,843 sq ft (2021: 1,052,746 sq ft) of office space transactions was recorded in Manchester city centre in 2022, up by 15.3% on the previous year, according to the Manchester Office Agents’ Forum (MOAF).
Manchester city centre
Q4 2022 saw deals completed on 426,872 sq ft office accommodation in the city, up from 347,141 sq ft in Q4 2021 representing an uplift of 23%. The figure in Q4 is also up by 30% in comparison to Q3.
“The final part of the year heralded a number of large transactions notably Deloitte’s decision to take 63,066 sq ft at 100 Embankment and two lettings of over 35,000 sq ft in Manchester Goods Yard,” explained John Nash, director at Manchester-based office agency, Canning O’Neill. “Rental growth has also continued evidenced by a new headline rent set in Q4 to Xero at Landmark at £40 per sq ft.”
Salford Quays and Old Trafford
In Salford Quays and Old Trafford, the annual take-up figure increased to 277,802 sq ft, up from 255,791 sq ft in 2021.
There were five deals of over 10,000 sq ft in the final quarter with Horwich Farrelly’s 16,040 sq ft at Orange in MediaCityUK the largest deal of those. The total number of transactions completed in the year was also up at 126 against a total of 87 in 2021.
South Manchester
462,977 sq ft of office space was transacted in South Manchester in 2022 with a take up of 109,988 sq ft in Q4. Alderley Park secured the largest letting of the quarter to Airship Interactive which took 15,385 sq ft.
Anthony Howcroft, partner at Hallams, continued: “We are encouraged by the overall take-up across the region. Organisations are recognising the importance of high-quality office space for both their people and their financial performance, and this has reflected in the lettings we have seen at premier business destinations such as MediaCity, Embankment and Alderley Park. With the evolution of working practices and businesses increasingly demanding more from their working environment, we fully expect to see this ‘flight to quality’ continue.”
MOAF was formed in 2009, and members include Avison Young, BE Group, CBRE, Colliers International, Canning O’Neill, Cushman & Wakefield, Edwards & Co, Hallams Property Consultants, JLL, Knight Frank, LSH, Matthews & Goodman, OBI, Savills, Sixteen, and TSG Property Consultants.
Picture caption L - R: Orange at MediaCityUK, Glasshouse at Alderley Park, Embankment