Central Salford Office Scheme to Help Keep City in Spotlight
Given the level of development taking place down at Salford Quays, it is perhaps unsurprising that those behind the regeneration of Central Salford are keen to get things moving away from the waterside lest it be overshadowed by the arrival of the first phase of MediaCityUK ΓÇô in an attempt to make this happen they have submitted three applications that would pave the way for nearly 200,000 sq. m. of office space in the city centre.
Their ambition to create this new office space, which would be located in the corporate area of the city based around Chapel Street, could however hindered by existing office developments whoΓÇÖs landlords would need to be contented with in order to make way for the new office scheme.
If funding for the project is secured and the Central Salford Urban Regeneration Company can acquire some of the derelict and abandoned properties in the area ΓÇô through compulsory purchase orders where necessary accorded the groupΓÇÖs chief executive Chris Farrow ΓÇô the project will begin the process of linking developments such as SpinningfieldΓÇÖs and Salford Quays.
But is the creation of more office space a good idea? Looking at nearby Manchester, a significant office market tracked by commercial agents, there is already a large oversupply of office space being reported within the market ΓÇô 2.4 million square feet of it according to Jones Lang LaSalle in their National Voice – February 2010 research which tracks office market conditions in key UK cities.
Of course the demand for office space could be much changed by the time such projects finally come to completion. Indeed Jones Lang LaSalle also reports a 57% decrease in construction activity and predicts limited speculative construction beyond 2010.