200 Movers in Manchester

A recent report from the Manchester Office Agents Forum (MOAF) revealed a total of 1.208m sq ft of office lettings across 271 transactions in 2017, well above the 10-year average.

Metropolis ran over 330 business leads on Manchester office moves in 2017, which if all added together would total over 10m sq ft.

MOAF said strong demand for prime offices has left the market with a record low supply of Grade A office space.

The main schemes with available space are 101 Embankment, No 1 Spinningfields, 3 Hardman Square, 40 Spring Gardens and 2 St Peter’s Square, which is likely to trigger some short-term refurbishment projects

There are a number of Grade A schemes under construction to include Landmark (180,000 sq ft), 125 Deansgate (126,000 sq ft), Hanover, NOMA (90,000 sq ft), Circle Square (230,000 sq ft) and 11 York Street (80,000 sq ft), the majority of which will be delivered in mid-late 2019.

Key office lettings in 2017 included: 55,802 sq ft to We Work at No1 Spinningfields and 44,000 sq ft at One St Peters Square, 77,449 sq ft to DWP at 2 St Peters Square and Clyde & Co taking 69,000 sq ft at Manchester Royal Exchange.

Metropolis research also relayed early warning news of large Manchester moves by companies including Barclays Bank, Distelrec, Bupa, Callcare, Virgin Media and The Hut.

Forthcoming Manchester moves tipped by Metropolis for 2018 or beyond total just over 200.

If you would like some information on flexible Metropolis subscription packages or to discuss a trial, then please email Simon at simon@metroinfo.co.uk

Advertisements

Central London Lettings and Pre-lets – October 2017

Central London office lettings in October 2017 reached a healthy 1.3m sq ft of deals from 60 mid-large size transactions (5,000 sq ft+) during the month. The October figure exceeds the current monthly average of just under 1m sq ft .

October was characterised by 14 office deals over 20,000 sq ft, which included Dentsu Aegis’ 310,000 sq ft pre-let at 1 Triton Square, NW1, Sidley & Austin’s 120,000 sq ft pre-let at 70 St Mary Axe, EC3; WeWork took 107,000 sq ft at One Poultry, EC3, and Red Bull took 37,000 sq ft at Seven Dials, WC2.

Media topped the table of lettings by sector, underpinned by the Dentsu Aegis deal. This was followed by professional services with the large deals involving Sidley Austin and Grant Thornton.  Business services also performed well, helped by the lettings to WeWork and Orega. Office deals ‘under offer’ in central London fell slightly to 3.5m sq ft and pending deal volumes are healthy in nearly all sub-markets.

By area, the City accounted for 32pc of the office floorspace let in October at 414,000 sq ft. The West End saw 553,000 sq ft of take-up, underpinned by Dentsu Aegis. Midtown contributed 147,000 sq ft of lettings. Current London office demand is calculated to be around 3.2m sq ft in the City and 2.9m sq ft in the West End.

The volume of grade A (newly built or refurbished office space) let during the month reached 718,000 sq ft (55% of the monthly total), as transactions for new space resumed their recent strong showing.

Metropolis research is currently monitoring 630 ‘live’ London requirements, with deals for space of up to 1.8m sq ft due to sign in the next few months.

Cityoffices and Metropolis  has produced its latest London Skyline report for Q4 2017. The report contains details of new office schemes under construction, demolitions underway and projections for future construction. Further details of planning applications and consents, with scheme by scheme detail are listed on the Cityoffices.net website. Details on the report and Cityoffices from Andy King at andy@metroinfo.co.uk