Demand for high quality office space in Manchester has risen significantly over the last two years, according to a new report.
Surveying firm Colliers International revealed the amount of empty new office space in the city centre has declined by more than half since 2010, reports the MEN.
Grade A office space availability has fallen by 54 per cent in the period and by eight per cent so far in 2012, the firm said.
And with a lack of finance preventing many major new projects from getting off the ground, competition for prime locations is set to remain intense for the foreseeable future.
This is leading many landlords to consider refurbishing older office space in a bid to attract new clients with more modern offerings, Colliers suggested,
At present, 16.8 per cent of office space in Manchester city centre is available to let – meaning businesses seeking service offices still have plenty of opportunities.
Indeed, the second quarter of 2012 saw a small rise in the overall availability of office space in Manchester.
This is the first such rise recorded since the middle of 2009.
The availability of Grade B, non-refurbished office space, rose 16 per cent in the first six months of this year.
“This data will hopefully prompt renewed investor/developer interest to deliver the next generation of major schemes,” said Rupert Barron, a director at the Manchester office of Colliers International.
He expressed hope that continued commercial property development will further aid the growth of the city – one of the major trading hubs outside of London.