Manchester office rents to fall next year

Office design news from Morgan Lovell

Published on 03-11-2009

Property agent DTZ has predicted office interior rents in Manchester are likely to fall.

Uptake in the third quarter of 2009 stood at 200,000 sq ft across the city, signifying a 35 per cent reduction in comparison to the five-year average.

As a result, the market is being flooded with modern office design space and as such, rents are likely to fall over the next few months as office interior rentals become more economical.

According to DTZ: "A high proportion of pre-let construction or lettings during construction have historically kept availability levels low in Manchester."

However, availability was recently increased due to the beginning of a number of speculative developments across the city in 2008.

Meanwhile, Big Issue in the North recently announced an office relocation to new modern office design space in Manchester.

The charity has yet to finalise where it will be moving to but has completed the sale of its former offices on Oldham Street for £1 million to Addiction Dependency Solutions.