Manchester has a great number of serviced office spaces, making it one of the biggest regional centres in United Kingdom. Here are few highlights of the recent property assessment carried out by the global property market leader DTZ, reports that despite a drop down in office space Manchester in the first quarter of 2013, annual office take up is expected to be somewhere between 8,50,000 sq. Ft., making Manchester the leader in commercial property, outside London.
Manchester has outperformed the other markets since its downfall and is expected to do so in 2013 also which is a reflection positive employment outlook, CBRE report says. It even added “Beyond 2013 rents are supported by employment growth across a number of industries; information and communication, real estate, administrative and support services and professional, scientific and technical activities”.
City continues to make strides by leading the way and drawing in new businesses with its lucrative commercial property schemes, both shared and serviced office space Manchester on lease. Over the years there has been a shift in the market trend in the location and types of office spaces that companies involved in IT and Software have been considering as ideal.
There was a decrease of about 1500 (1.8%) in the number of people claiming the Jobseekers allowance in April 2013 compared to that of March 2013. However, increase has been seen in the sphere of long-term claimants (6 months +) rising to as much as 38,500. Despite all this, a recent report by the Bank of England paints a positive picture of the current economic climate for the second quarter of 2013. Total growth over the entire year is forecasted to be about 1.2%, 0.2% up by the one estimated in February.
Head of economic research at New Economy, Dr. Alexander Roy said “Manchester remains the largest commercial property market outside of London only serves to strengthen the city’s reputation and gives more substance to endorsements about the city by opinion leaders such as Sir Mervyn King.”
The uptake of commercial property appears to be at its peak this year with the expansion of co-op markets. The signs are very promising for 2013 with the evidence of significant pre-let activity which will not only replicate the last year’s numbers, but also delivers the much needed quality stock that is needed in the market place to meet the latent demand. Great news is that with the new schemes launched for Cutacre strategic site, spanning across Bolton, Salford and Wigan have created new job opportunities.
Despite the risks coming from many overseas especially from the escalation of the Eurozone crisis or unresolved matters linked to the US fiscal cliff, speedy recovery has been seen in the consumer sector. At national level, improved employment opportunities across different spheres and job security is what may reinforce the nascent consumer recovery which in turn would boost the overall economic growth and development.
Public sector is the only one office space occupying sphere that will continue to witness the decline at a steady rate in the coming years and beyond 2017, report says.