Manchester office demand 'has been positive'

Office design news from Morgan Lovell

Published on 06-06-2011

Demand for office interior space in Manchester was strong during the first quarter of the year and has echoed the London market in terms of recovery, a sector expert has claimed.

Simon Jones, research project manager for officebroker.com, said there has been a 200 per cent increase in the number of people committing to office deals during the first three months of 2011.

In addition, average licence lengths have risen from five to eight months, showing that many people are looking for greater security when taking out office agreements.

He noted, however, that "Manchester is following in the wake of central London; it's not a trend that's established itself nationally at all".

According to the latest Global Office Rent Index from CB Richard Ellis, global office capital values rose by 12 per cent during the last year.

Furthermore, a 4.3 per cent year-on-year rise in the index for the first three months of 2011 highlighted the growing likelihood of a sustained office sector recovery.

Posted by Adrian Norman