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Currently Manchester has enough Grade A office space available to satisfy demands, according to a recent report from Collier’s.
There is more than one million square feet of office space still available in Manchester, the report said, though more than 50 percent of buildings finished in the last two years have already been at least partly leased by tenants.
Rupert Barron, Director of Colliers International, stated: “There are opportunities for occupiers and landlords particularly if they are innovative in their approach to space utilisation and funding.”
However in 2012 the city could see a rise in rents as office space becomes more sparse, the report predicted. Would-be tenants may have to be more flexible about the size and type of office space available.
Barron added: “Manchester is in better health than many regional cities and is in position to move forward as the economy recovers over the next few years.
“I would not be surprised to see the start of a speculative development shortly”.
The Colliers Director went on to predict that some businesses may resort to moving their headquarters to the suburbs surrounding the city.
“We predict that outer-core locations will benefit from a shortage of space in the central business district of the city centre from the second half of next year.”
Locations like Central Park and Manchester Airport could provide viable alternatives for companies who want a headquarters within striking distance of the city centre, he added.
In the past year Manchester Airport has let buildings to 17 non aviation-related companies according to the Manchester Evening Post.
Currently the only large development in Manchester is the Co-operative Group’s new headquarters currently under construction on Miller Street. When finished the 15-storey building will provide 325,000 square feet of office space and forms phase 1 of NOMA, the new 20 acre mixed-use redevelopment scheme for Manchester’s city centre.
