3:58:38 17/05/12
15th Apr 2011
The news that the RBS is considering expanding its investment banking decision in Manchester is intriguing and maybe heralds the start of a trend. Office rentals in London are back at record levels and, like Manchester, there is a shortage of office space. Unlike Manchester, London is seeing a development revival in an attempt to meet the demand. There is no such office development pipeline in Manchester at the moment, leading to a similar shortage of space. Despite the inevitable upward pressure on rentals which will result, the cost of office space in Manchester is still considerably less than the capital. Moving functions north to Manchester therefore makes commercial sense, especially when the quality of life is so much better. This was also supposed to happen with government departments too - and with cost cutting at the heart of government policy we may well see this back on the agenda.
