With a healthy level of deals in the pipeline, 2013 is looking to set the record of the highest take-up across the regional markets in five years, according to the latest market analysis from GVA, the UK’s largest independent commercial property adviser.
The Big Nine reports the regional city centre take-up levels totalled 1,126,000 sq ft in Q3, 10% above the five-year quarterly average.
City centre and out of town combined in the nine GVA regional office centres recorded take-up of 1,737,000 sq ft in Q3, 7% above the five-year quarterly average. The city centre market made up 65% of this total while the out of town market recorded take-up of 611,000 sq ft, a 2% rise on the quarterly average.
City centre take-up was twice the average in Newcastle and well above average in Birmingham, Bristol, Edinburgh and Glasgow while take-up was below average in Cardiff, Leeds, Liverpool and Manchester.
Christopher Cheap, Director at GVA and head of offices in the North West comments: “Whilst Manchester city centre has not seen the above average numbers of other regional markets the message is still very positive as the real story is the general upturn in occupier demand over the last three months and the progression of a number of longstanding requirements into solicitors hands. This heightened activity will bolster the full year figures and exacerbate the cities impending shortfall in large floor plated ‘Grade A’ stock.”
“There are clear signs that the increased activity in the city centre is rippling out to the principal decentralised markets, however this may take a little longer to come to fruition. Should we see a greater level of demand for high quality space in south Manchester then the same supply issues may apply next year as existing space is absorbed.”