Oxford Road Corridor Office Market Gets Fit(ter)
Manchester’s Oxford Road corridor office market is fighting fit. At least that is the cheerful implication developers take from the decision of a fast-growing international fitness brand to open its global HQ in the 1.2M SF Circle Square development.
The deal with TRIB3 marks the next stage in the development of the Circle Square neighbourhood and is a muscle-flexing sign of life in an office market that is struggling to regain its tone.
Avison Young’s Big Nine Q2 analysis shows a yawning market disconnect. Just short of one-third of all UK regional office space is under construction in Manchester. The city claims 29%, a little ahead of Glasgow’s 27% and some way ahead of third-place Birmingham at 15%.
Yet occupier activity has fallen disproportionately in Manchester city centre. Q2 take-up of 72K SF represents a dizzying 76% fall below the 10-year average, the Avison Young data revealed. Combined city centre and out-of-town take-up is down by more than 50% thanks to relatively strong out-of-town take-up as the appeal of campus offices grows post-pandemic.
TRIB3 specialises in boot camp-style training and will take 7K SF at Circle Square.
The new headquarters will also include the TRIB3 University, a dedicated space for the brand to deliver training for its teams, coaches and franchise partners worldwide, as well as the TRIB3 Live recording studio and shake bar.
Circle Square is a joint venture between Bruntwood SciTech and Vita Group. TRIB3 is the second retail and leisure operator to announce its move there following Canvas Manchester, which will bring live music, events and entertainment to Circle Square when it opens next year.