Manchester Tipped as the “firm favourite” for Investors Outside of London
Research from CB Richard Ellis shows that investment in Manchester’s office market soared during the first half of the year, with ┬ú316.7m invested from January-June in 2010, up from ┬ú46m in the first six months of 2009.
“The market in the first half of the year saw a robust recovery in office values,” commented Rehan Zaman, associate director in the capital markets team at CB Richard Ellis North West, according to Property Week.
He added: “The recovery in Manchester has been stronger than in other regional cities as vacant space has become so limited, creating scope for real rental growth. Manchester has therefore become the firm favourite for investors seeking office assets outside central London.”
The purchase of 3 Hardman Street in Spinningfields by property developer Aerium for a sum of ┬ú180m was the most significant deal, and reportedly one of the largest ever seen in the North West.
Results show that take-up of conventional office space in Manchester during the first half of 2010 reached 337,800 sq ft, compared with 247,000 sq ft in the same period last year.
CB Richard Ellis is now predicting 2010 to be a record year, with take-up figures expected to exceed 1m sq ft.