Manchester’s commercial property market hailed | 13 May 2013
Manchester’s commercial property market has been described as “buzzing” after new reports showed a hugely successful start to 2013, manchestereveningnews.co.uk reports.
In recent years of uncertain finances, London was deemed to be the best option for a solid investment in commercial property. Representatives from Manchester, however, have sought to scotch this belief altogether and show the rest of Britain how strong its own market has become.
Newly-published figures have shown an increase of 61 per cent in market take-up for Q1 2013 compared to figures collated in the same period last year. This equated to 274,800 sq ft of office space sold in a total of 64 separate deals.
Furthermore, if the market continues on its current trajectory, it will eclipse the yearly record of 900,000 sq ft, which has stood for a decade.
Traveljigsaw is one of the big movers in Manchester’s commercial property management sector, taking on 63,000 sq ft of office space during Q1 2013. World Pay also secured a large office at Spinningfields, whilst investors backed by the Chinese government also took control of One Angel Square in a deal worth £142 million.
Commenting on recent results, investment specialist at property consultants WHR, Dan Crossley, told ukbusinessproperty.co.uk: “We’re in a completely different world now, compared to the end of last year.
“Property companies and overseas investors see Manchester as a place to invest. Today, we are seeing probably ten times the activity we were seeing this time in 2012.”
The views expressed in this post are those of the author and are not necessarily those of Qube Global Software. All facts are verified where possible directly by the author.
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