Demand from occupiers seeking bigger offices will be ‘critical in helping to drive absorption levels’ in Manchester’s office market this year, says Colliers CRE.
In its Manchester Offices Net Stock Absorption Spring 2008 report published on Friday it said Manchester saw healthy demand for office space last year, with overall take-up rising by more than 20% year on year. It said strong demand for office space in the last year had led to healthy absorption levels while negative absorption in Manchester’s central business district has been caused by a high level of completions.
However, Colliers said this year just under 1m sq ft of new office space is scheduled to complete in Manchester with only 12% let so far while Manchester’s office stock in total is 16.2m sq ft. It said a key factor for this year’s performance would be how the occupier market responds to the influx of new office space coming to the market.