ManchesterΓÇÖs SME Economy Thriving
The number of SMEs moving to serviced office space in Manchester increased during the opening 6 months of 2014 ΓÇô we look at how, why and if there is more to come.
Outside of Central London, Central Manchester has the highest concentration of service office space of any UK city, with 45 business centres operating within the City Centre.
As you would perhaps expect from an area with so much supply, there is a good level of demand for flexible office space in Manchester city centre. New data however showed a 53% increase in the number of businesses renting office space in the city centre since the beginning of 2014.*
What the data also showed was that it was smaller businesses driving this uptake, with the average business securing serviced office space requiring 4.8 workstations.
Chris Meredith, CEO at officebroker.com commented: ΓÇ£Manchester is displaying some really strong activity in the SME sector at the moment.
ΓÇ£Based on our data, this activity has been prominent in the local serviced office economy, where uptake from SMEs has driven a 53% increase in the uptake of serviced office space.
ΓÇ£This is positive activity and it is good to see confidence amongst decision makers when it comes to securing new premises.
ΓÇ£Serviced office space is a natural fit for businesses of this kind, offering them the chance to secure prime office space in a central location.
ΓÇ£Considering the sales cycle and current enquiry levels, I would expect this positive trend to continue in the latter half of 2014.ΓÇ¥
The data also showed an increase in the cost of renting office space, with the average workstation price rising from ┬ú211 in 2013 to ┬ú253 in the same 6 month period of 2014.
Researchers believe that this is down to higher occupancy levels in the 45 business centres operating in the city centre, coupled with a growing demand for higher grade space.
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* 2013 vs. 2014 (Jan ΓÇô Jul)