Serviced Office Market in Manchester & North West in YTD Boost
ManchesterΓÇÖs office market has seen an increase in the number of new businesses taking up residence since the beginning of 2011, with the positive activity recorded in the City Centre also being reflected across the wider region according to new research published by officebroker.com.
Manchester City Centre
Despite an overall reduction of 15% in the number of new businesses entering ManchesterΓÇÖs serviced offices during Q2 11, consistently higher levels of up-take in the earlier months of 2011 have resulting in a 35% YTD increase.
At the same time as this positive up-swing in serviced office take-up, the number of enquiries being received for serviced office space in Manchester has decreased ΓÇô falling below 2010 levels by 9% during Q2 11 and by 2% since the beginning of the year.
While the amount desk space required by these new serviced office based businesses has remained in-line with 2010 levels, averaging 4 workstations during Q2 11, the average price of these workstations has increased by 5% (┬ú8.00) from ┬ú178.00 in Q2 10 to ┬ú186.00 during Q2 11.
This latest increase in the average cost of a serviced office workstation builds upon the consistently higher prices recorded by officebroker.com throughout the opening 6 months of 2011 across Central Manchester.
Based on the data available, the average workstation price YTD in Central Manchester has reached ┬ú219.00 ΓÇô an overall increase of 10% (┬ú20.00) on the average of ┬ú199.00 recorded in the same period of 2010.
The North West
The upbeat activity recorded across Manchester City Centre has also reflected in part across the wider North West Region, with the number of businesses entering serviced offices repeatedly exceeding 2010 levels and workstation price and enquiry levels remaining stable.
As in Central Manchester, the average commitment by those businesses entering serviced offices also increased during Q2 11, rising from 8.3 months in 2010 to 9.7 months during the same 3 month period of 2011.
To learn more about the activity recorded by officebroker.com across the serviced office markets of Central Manchester and the North West Region, access officebroker.comΓÇÖs unique and exclusive Serviced Office Review Research Series.