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The market for office space to rent in central Manchester has outperformed those of rival business districts around the UK over the course of 2011, according to reports.
A study on the subject from Lambert Smith Hampton (LSH) reportedly shows that take-up on offices in Manchester city centre has been higher this year than in cities like Bristol, Edinburgh, Leeds and Glasgow.
London consistently outperforms all other British cities in terms of office space take-up but demand in the city centre and the Salford Quays areas has helped make 2011 a relatively strong year for the Greater Manchester market.
However, a turbulent and tough economic backdrop has seen average take-up of offices in Manchester and throughout the country struggle to beat last year’s performance or match the scale of deals being done earlier in the decade.
“The prevailing economic conditions have reduced occupational activity for the majority of the UK’s major provincial cities in 2011,” David Thwaites from the commercial property consultancy behind the research told the Manchester Evening News.
“Greater Manchester is on course once again to significantly out-perform its nearest competitors, Bristol (545,000 sq ft) and Birmingham (534,000 sq ft),” he added.
There were a number of large-scale and high-profile office leasing deals done in Greater Manchester towards the end of 2011, including KPMG’s commitment to 70,000 sqft of space at One St Peter’s Square and Aegis’ agreement on offices at City Tower in the heart of city.
Meanwhile in Salford Quays a number of new residents opened offices at MediaCityUK but the healthcare insurance group Bupa revealed it could soon relocate several hundred of its staff to offices outside the area.