The Massive Manchester Property Number Nobody Noticed

Circle Square Manchester Bruntwood
Courtesy of Bruntwood
Circle Square, As It Will Look On Completion

Does the number 2,886,775 mean anything to you?

Perhaps it should because 2,886,775 was the important number concealed in this week's announcement of record take-up in the city-centre office market.

The Manchester Office Agents Forum calculated that city centre take-up had risen to 1.75M SF, well above the previous record (set in 2014) of 1.3M SF.

But what they did not do was calculate the total for all of the city's main institutionally backed office markets. Add 1.75M SF from the city centre to 346K SF for Salford Quays/Trafford and another 790K SF for the south Manchester business parks and you get 2.89M SF.

For context, the entire Birmingham office market scored 754K SF, appreciably smaller than South Manchester.

Or put it another way, you can add up the take-up in the four Northern Powerhouse Cities (including Leeds at 663K SF, and yet-to-be-reported figures from Sheffield of 400K SF, Newcastle 200K SF and Liverpool 500K SF) and then add Birmingham, and then add Bristol at around 600K SF, and Manchester's office market would only then be meeting its match.

Lest Manchester property folk get carried away with success, it is worth pointing to one other, very sobering number: 13M SF, expected to be the baseline for take-up in the Central London office market in 2018.

So there is still a very long way to go.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Manchester Newsletters
Related Stories

Why Top-Secret Facilities Are Permeating Greater D.C.'s Office Market

DivcoWest Sells Glendale Office Building For $70M

Hines And Rialto Close Office Credit Fund At $1.1B

Rig Collapse At Citadel HQ Site Sends 4 To Hospital

Northern Virginia Office Tower Sells For Double Its 2024 Price

Oxford Properties' U.S. Investment Head On Why It's Buying Office Again — And Where

Fertility Provider Opens Clinic At 1900 Lawrence Office Tower: The Denver Deal Sheet

Office Revenues Are Failing To Keep Pace With Expenses

Security Tech Firm Plans Loudoun HQ Move: The D.C. Deal Sheet

Stephen Ross Expands Palm Beach Empire With Massive Boca Raton Campus

25 Years After 9/11, Lower Manhattan Is Finally Firing On All Cylinders

Tishman Speyer Seeks $92M Tax Break For Next Hudson Yards Office Tower