Manchester is expected to grow faster than the rest of the UK in 2012.
Commercial office space in Manchester is predicted to outgrow the rest of the UK during 2012 according to a report by office property market specialists.
Office space in Manchester is to be the most sought after in the country during 2012 according to a report by analysts Jones Lang LaSalle, with the city expected to stay ahead of the UK throughout the next 12 months.
The north west market meanwhile will fall slightly below the overall projected growth of the UK claim the JLL analysts, who gave their UK Economic & Property report out to the financial and property community in Manchester.
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According to Orchard Street Investment Management, plans have been announced by Mercer and Marsh to convert their existing operations into one office in Manchester. The expected location for their move is Belvedere House.
There are currently three different offices used by the companies in Manchester such as Clarence Street, City Road East and Booth Street but these will now be consolidated into one office.
The PR agency Admiral have announced their plans to open an additional office in the Manchester area with an expected move in date of September. Admiral’s headquarters are currently based in Newcastle.
The workforce is expected to increase considerably over the next few years and turnover is predicted to treble in the next five years. This is not the only expansion planned, as Admiral will expand into Birmingham, Scotland, Northern Ireland and Bristol.
The firm currently employs ten full-time and four part-time staff, who are spread between it’s London and Newcastle offices. There have been a number of business deals secured within the North West area and this is seen as a great boost for the new offices.
Georgie Cameron, founder and managing director of Admiral, said, “We’ve spent the past 18 months planning our growth strategy while protecting our current position during these tough times. Having managed to avoid any drop in profit or turnover.
We’re now ready to move forwards and export Admiral’s expertise, creativity and dynamism to Manchester and, from there, elsewhere around the country. It’s a really exciting move for the company and as a team we’re looking forward to taking on fresh challenges.”
The company is now setting out to become a pan-regional communications agency.
A press release from MediaCityUK states that Panalux has opened an office within The Pie Factory, which is based at MediaCityUK on Salford Quays.
Panalux are famous for providing companies worldwide with lighting facilities that you would find on a film and television productions.
A rise in confidence has been seen in the Manchester office space market and along with it a number of deals for substantial office space have been made. There was £316.7 million vested in Q1 and Q2 in 2010, which shows an impressive £46 million increase from the same period of last year.
There has also been a rise in the amount of office space taken, 337,800 sq ft in total was occupied showing an increase of 90,000 sq ft when compared to last years figures.
A new £8m office park is to be built in the heart of Lancashire’s motorway network and include offices from 750 sq ft to 6,000 sq ft.
It is going to be developed in three phases, with the office park having a total of 23 offices. This reflects the growing success of the South Preston Office Village which is located opposite the new building where work is expected to get underway in August.
25,000 square feet of workspace will be added by an engineering firm in Salford, which will mean they have doubled their amount of office space. It also means they have added 25 percent to their manufacturing capacity.
According to a report released by thebusinessdesk.com ENER-G, the renewable energy specialists, are looking to spend approximately £2 million on extending their office space and are hoping to have new space opened by the end of the year.
The Pie Factory has become a hot spot for local businesses, thought it was initially built as a temporary office space along the MediaCityUK development.
It was built cheaply to accommodate production facilities, which was formerly a food production outlet. The Pie Factory is almost at full capacity with 25 of the 27 unites already been let out.
The city centre of Manchester looks like it will have a better year than expected as the lets being taken up in the area increase and the predictions of 809,000 square feet for the annual total will be exceeded.
The Co-operative group are thought to be leading way, especially after they started construction on a bespoke headquarters that will be solely responsible for 325,000 square feet of office space on Miller Street. It is expected that the cost to develop it will be £100 million and is seen as one of the most sustainable in Europe and will provide open plan office space as well as much needed regeneration to the area.