Know the Money Buzz

According to a report released by CB Richard Ellis, the office leasing scene in Manchester is showing signs of improving, with the figure likely to reach the 10 year average at the end of the current year. Though the first half of the year has been slow, things are likely to pick up in the second half, according to the report.

The report, recently released, claims that 300,000 square feet of office space is currently under contract negotiation, with almost 200,000 square feet of its desk space likely to be contracted out or at least vouched for by the end of the year. The current leased office area deals in Manchester total about 247,000 square feet for the first half of the year.

Will Kennon, who is the senior office agency surveyor for CB Ellis North-West claims that the demand for office space in Manchester continues to improve and it is coming form both private and public parties. The public office demand is being driven mostly by the local council. He said that though the first half’s bad performance could be blamed on the recession, the important point to remember was that a large chunk of office space was currently under contract negotiation and most of it would be finalized by the year end.

Quoting figures, he added that the current occupied office space was higher than any of the past five years. In addition, there was available space to the tune of 665,000 square feet in the city and a further 300,000 square feet would be added in the coming months. All of this is in the Grade A category he stated.

This entry was posted on Wednesday, August 19th, 2009 at 4:56 am and is filed under Living With Real Estate, Market, Public Relations. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.