Manchester office space demand increases
May 21st, 2008 | by James Jones |
Grade A office space demand in Manchester, according to Jones Lang LaSalle, has increased in Q1 of 2008.
Continued activity has seen worries about office space being filled in the city diminished. Banking and Finance sectors are actively seeking new premises at a constant rate it seems.
Trevor Sloan, head of the Office Agency team at Jones Lang LaSalle said:
“City centre demand continues to be strong, especially for requirements for space over 15,000 sq ft. We expect there to be more deals in this bracket than 2007 which will drive demand and push headline rentals this year.”
Data from the company shows that well over 800,000 sq ft of office space is due to be completed by the end of 2008 and large rises in vacancy rates for office space at grade A level is not expected.
With a strong demand from occupiers, the threat of oversupply is not as prevalent as was thought a few months ago.
We at Choregus think its more excellent news for the city and is showing that despite the predicted financial climate, office space and serviced offices continue to be built and be sought after.
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