1:49:40 21/05/12
3rd Aug 2011
Over the past few months, we have noticed that the office market in Manchester has been even improving, and this was confirmed in the press this morning within the following article from Insider:
Manchester's office market gets set for comeback
Manchester's grade A office market remains stable, but is still awaiting the trigger that will see rents climb to pre-recession levels. That's according to figures released by property consultant Drivers Jonas Deloitte.
The research revealed that headline rents for grade A offices have remained unchanged in 2011, at around £28.50 per sq ft. Average incentive periods have also remained stable, with tenants getting up to 30 months rent free, based on a ten-year contract.
Adam Robson, assistant director at Drivers Jonas Deloitte, said: "The lack of growth in the grade A rental market is proof that Manchester needs the economy to recover further before we see Grade A space at a premium once more.
"However, in an economy that is still by no means out of the danger zone, the fact that the office market is showing signs of stability is in itself positive news.
"Companies from outside Manchester - such as Aegis - are stating their intent to create a base here. However, the lack of pipeline development means that just one or two significant deals could quickly lead to a drought in space, which in turn would cause rents to rise."
According to Drivers Jonas Deloitte, before the recession, grade A office rents in Manchester reached a headline figure of £30 per sq ft.
Read more on this and other related topics at Insider Media
Last updated: Wed 3rd August, 2011 at 08:37am
