Manchester Property Market Information

A staggering 2m sq ft of new office space is expected to be built in the city centre; it looks like the city will be packed out with bright new office blocks. The rise in office blocks is due to developers realizing the massive earning potential Manchester can generate, with reasonably priced office space, growing income from rent and rising capital values. Investors are acting fast to get hold of the commercial blocks, as they are selling out like hot cakes.

Office flats in central Manchester are rising rapidly; specialist’s claims that rent on new buildings will top £30 a sq ft by the end of next year. This is due to one main factor according to peter Skelton of Lambert Smith Hampton’s “Prime rents are being driven by the increase of pre-lets for large units of quality office space”. At present office space stands at £28.50 per sq ft, however there are predictions that this will rise to £30 per sq ft by the end of 2007, it looks set to be broken soon. Also with the potential arrival of the BBC moving to Salford Quays, this can only help reinforce Manchester position in a regional and national context as an innovative city, in which case boosting property prices and the economy.

Some amazing design schemes in the city centre has raised the standards for new office buildings, for instance blocks like Bruntwood Estates 1 Portland Street, as much as £20-£25 rent is being achieved. This therefore implies that investors are prepared to pay good sum of money for good quality space. Schemes that don’t offer the best facilities will no doubt struggle with up coming designs, designs need to be addressed in the right locations and have access to good public transport.

The world’s largest search engine GOOGLE, also set eyes on Manchester and opened it first UK regional office here. Google chose Manchester as they believed it had the right mix of companies, talent and the prospect for the future looked promising. With these characteristics people are fighting to develop their own companies here. All in all the future looks bright, indicating the only way is up for city centre office rent.