Manchester’s Grade A office market is booming, with more big firms choosing to move into new build space. That’s according to property developer Ask who today released a statement based on 2015 office take up across the city centre.
Grade A take up amounted to 412,513 sq ft last year, more than a third of total take up, with Ask involved in circa 25% of these transactions. Lettings were completed to PWC (49,406 sq ft), EY (41,628 sq ft), Ford Credit (45,000 sq ft), Gazprom (51,200 sq ft), NCC Group (60,246 sq ft) and Addleshaw Goddard (56,253 sq ft). It is above the 10-year average take up for Grade A office space in Manchester city centre which is 390,185 sq ft.
Existing Grade A accommodation and Grade A accommodation under construction amounts to 825,352 sq ft. Based on the 10-year average Grade A take up of 390,185 sq ft, existing stock and stock delivered in 2016 and 2017 will be absorbed within the next two years.
Jamie Hills, Development Executive at Ask, said the firm’s 101 Embankment, scheduled for completion this summer, is a nine storey building which will deliver 165,000 sq ft of Grade A office space and 442-space underground car park pre-let to Q-Park. He added: “101 Embankment is on schedule for completion this summer. “Given the current supply and demand dynamic of the Manchester Grade A market and the current levels of interest we are dealing with, we are well placed to secure occupiers prior to completion in August. “101 Embankment comprises 165,000 sq ft over nine highly efficient column free floorplates of 17,517 sq ft.”
Statistics for office take up 2015:
Grade A = 412,513 sq ft
New Grade B = 3,300 sq ft
Refurbished = 886,857
Unrefurbished = 17,141