The Manchester office sector ends the year in a healthy position thanks to encouraging investment.
Manchester has shown signs that it is emerging from the recent economic downturn stronger than ever with a 45% rise in new tenants taking up office space in the city.
The statistics come from a report compiled by British and Irish property consultancy firm Lambert Smith Hampton which was released earlier this month.
The Greater Manchester Office Market Review 2010 report analysed all of the figures over the past twelve months for the three prime office sub markets in the northwestern city.
South Manchester, Salford Quays and Manchester City centre all had their data recorded with promising results for the area.
At least two million square foot of office space has either been let, rented, leased or sold throughout the past year and the survey is optimistic that this will encourage the Greater Manchester area to excel over the following twelve months.
The transactions involving two million square feet of office space compares favourably with the 2009 total of 1.3 million square feet of office space which was traded in deals.
Perhaps most encouragingly of all, the take up of Grade A office space increased in the three combined areas as more firms begin to feel confident about the economy and their prospects in the city.
In the third quarter of 2010 Grade A office stock investment rose to 693,565 square feet; a massive increase from the same period in 2009 where 267,126 square feet was either sold, leased, let or rented.
There is a note of caution in the report though. While the office market has done better than hoped for in 2010, other sectors in Greater Manchester have struggled to attract investment in the region.