Manchester property analysts have predicted this week that office rents in the city are going to become lucrative business as the desirability of a city centre location continues to grow.
The Manchester Evening News reported that rents for city centre offices had increased by more than twice the inflation rate over the past 12 months, with the trend showing no sign of ending. Expert reports said that the supply of office space in the Manchester property market had shrunk, making them hot properties in the sector.
International real estate adviser Savills said in its report that, office rents were currently at around £30 per square foot, 7.1 per cent higher than at the peak of 2011.
It said there was an 11.7 per cent vacancy rate, meaning that one in every nine square feet of office space in the city centre was empty. It stressed, however, that a lot of this was not premium quality – with only 730,000 square feet of top-grade office accommodation was available on the Manchester property market.