FEBRUARY 2011 | CENTRAL MANCHESTER OFFICES Q4
RESEARCH & FORECASTING UK
CENTRAL MANCHESTER OFFICES Q4
Central Manchester Highlights GLASGOW EDINBURGH • Net stock absorption of o ce space in Manchester remained positive in H2 2010, as occupation levels
rose by 47,912 sq ft. Grade A occupancy increased by 207,218 sq ft (5%) over the same period. BELFAST • Annual Manchester city centre take-up saw a marked uplift in 2010 compared to 2009. Total LEEDS transactions across central Manchester reached 1.3 million sq ft in 2010, a year on year rise of DUBLIN MANCHESTER
66%. Much of that uplift was due to the 328,000 sq ft pre-let to the Co-op at its Miller street site. BIRMINGHAM • Accordingly, Grade A take-up was a healthy 752,210 sq ft in H2 2010. This represented a UXBRIDGE BRISTOL LONDON quadrupling of the level recorded in H1 2010 when the average Grade A deal size was 3,210 sq ft. Excluding the Co-op deal, the H2 2010 equivalent ;gure rose to 5,281 sq ft • End of year availability was down by 2% on Q4 2009. However, total availability, at
3.0 million sq ft, remains substantially above the 10 year annual average of 1.9 million sq ft. The
overall vacancy rate is 17.3%, down from the recent high of 17.8% in December 2009. MANCHESTER • Availability of Grade A has continued to contract and now stands at a two year low. Over the past ABSORPTION 12 months, the amount of vacant Grade A space has fallen by 24%, with Grade A vacancy at its AVAILABILITY lowest level since December 2007.
TAKE-UP • Headline rents remain at ?27.50 psf, but deals have been struck in excess of this ;gure for sub RENTS 5,000 sq ft units. A 1,900 sq ft suite at the Pinnacle was let to R2 at ?30 per sq ft on a ;ve year
CITY CORE term certain. Additionally, there is evidence of incentives reducing and by implication a hardening
ABSORPTION of rents.
AVAILABILITY TAKE-UP FIGURE 1: MANCHESTER NET STOCK ABSORPTION RENTS PICCADILLY 400,000 ABSORPTION 350,000 AVAILABILITY 300,000 TAKE-UP 250,000 RENTS 200,000 CASTLEFIELD 150,000 ftABSORPTION sq100,000 AVAILABILITY 50,000 TAKE-UP RENTS 0 NORTHERN QUARTER -50,000 ABSORPTION -100,000 AVAILABILITY -150,000 H2 2006 H1 2007 H2 2007 H1 2008 H2 2008 H1 2009 H2 2009 H1 2010 H2 2010 TAKE-UP RENTS Source: Colliers International
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