Shortage of Manchester Office Space Predicted
With strong employment growth forecast across Manchester, Colliers International is predicting a shortage of Grade A office space in the city centre by 2012.
Manchester is the key location for office space across the North West, yet a lack of city centre developments could see supply falling short as soon as next year.
According to the report published by Colliers International,“Grade A availability peaked at the end of 2009, close to 1.4 million sq ft. Since then, availability has fallen by 24%.” This could result in a businesses seeking space outside of the city where “non-core locations, such as Central Park, Salford Quays and Manchester Airport (Enterprise Zone), could offer expanding companies, as well as new entrants into the North West market, the opportunity to locate within easy reach of the CBD at competitive prices.”
Companies wishing to stay in the city centre may find it “increasingly difficult to secure top quality space in the established CBD areas” and will have to consider “creative and innovative solutions for their space requirements from late 2012 onwards.”
Here at officebroker.com we have seen a rise in the number of companies taking serviced office space in the Northwest, although enquiry levels in Manchester city centre have dropped 4% compared with last year. Perhaps this is an early indication that more businesses are considering areas outside of the city centre, with locations such as the new Media City development based in Salford Quays proving popular.
To access a copy of Colliers International’s Manchester Office Snapshot click here