50 office deals in first quarter as Manchester market stays ‘robust’ and agents remain optimistic

Manchester office transactions in the first quarter were down on last year - but agents say they expect levels to rise again this year as the pipeline remains strong and the market ‘robust’.

The latest figures from the Manchester Office Agency Forum (MOAF) show 50 deals were completed in the first quarter. A total of 172,782 sq ft of office space was transacted in Q1 2024, down slightly on the 205,397 sq ft completed in Q1 2023.

Notable deals included law firm DAC Beachcroft’s take up of 13,228 sq ft at the city centre’s Landmark building, while engineering firm Atkins took 38,138 sq ft in Longmead’s 3 Piccadilly Place. JLL said it identified “a significant flight to quality and demand for fitted spaces” in the city centre.

Meanwhile, 52,622 sq ft was transacted across 16 deals in Salford Quays and Old Trafford.

Salford Quays and Old Trafford emerged as some of the city’s strongest performing areas, with the data showing 52,622 sq ft was transacted across 16 deals - up 18% on the last quarter of 2023. The largest deal was London & Quadrant Housing’s letting of 18,043 sq ft at Nexus, followed by 11,000 sq ft to PH Media at Oakland House.

Rhys Evans, associate director at JLL, said: “While floorspace let shows a slight decline year-on-year, the outlook remains bright for Manchester’s office market and its investors.

““The flight to quality shows no signs of slowing and a healthy pipeline of deals awaiting completion will serve to make this years take up an interesting watch. Despite the wider economic headwinds, Manchester’s office market continues to show resilience in comparison to other regional markets.”

Oliver Woodall, associate director at Edwards, said: “It might have been a quieter start to 2024 but the regional markets remain robust, particular within the Salford Quays and Old Trafford areas. As the city centre continues to go from strength to strength, we need to ensure that economic growth reaches every corner of Manchester with the office market playing a crucial role in delivering that.”

MOAF was formed in 2009. Its members include Avison Young, BE Group, CBRE, Colliers International, Canning O’Neill, Cushman & Wakefield, Edwards & Co, Hallam Property Consultants, JLL, Knight Frank, LSH, Matthews & Goodman, OBI, Savills, Sixteen, and TSG Property Consultants.

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