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The problem of "grey space" that bedevils some parts of the London office market could be heading to Manchester.
The Royal Bank of Scotland is to consolidate its Manchester Spinningfield operation at its 350K SF building on Hardman Boulevard, and depart from its 150K SF office at One Spinningfield Square.
The bank said the move makes sense because it has 5,200 desks in the two buildings, but 3,900 staff, according to the Manchester Evening News.
The RBS suite will now be available for sub-let. RBS has 19 years left on a lease with fixed annual rental uplifts of 3%, Place North West reports.
The block was sold to M&G Real Estate in 2014 for £320M.
Grey space is a large invisible but nonetheless serious problem in some parts of the London office market, particularly in Canary Wharf. It will mean additional competition for the new speculative blocks reaching the market — not least No 1 Spinningfield, developed by Allied London which were also developers at One Spinningfield Square.
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