Office take up in Manchester in Q2 2009
The troubles in the Manchester
Office Space market were made abundantly clear with new information revealed by CoStar. It disclosed that total take up in Q2 of this year was just 91,116 sq ft. Nearly 70% of the space was new or refurbished. However it does not include the move of Manchester City Council to Number One First Street , which was a deal of over 140,000 sq ft, greater than the grand total of all other office deals.
Despite this deal, there is still a massive 4.2 million sq feet of available office space, either being built or being refurbished. A total of 54,720 sq ft of new space came on the market in June, of which 78 per cent was second hand. Two of the major deals were placed at Spinningfields and 10 New York Street. The fact that one deal can trump the entire take up achieved in all other deals shows just how slow the market is compared to 18 months ago.