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Anyone would think that there’s some sort of competition between the two cities!
March 01, 2021 at 1:53 pmBy Simon Calvert
Great part of the city centre to work in. New Bailey will be lively as more people return to the office.
March 01, 2021 at 3:04 pmBy Jack
Manchester office development will no doubt knock the the trends and get people wanting to get back to the office, Personally can’t wait !
March 01, 2021 at 5:28 pmBy James Mates
The New Bailey area is looking great and really complements Spinningfields surely it’s only a matter of time, post lock down, before someone invests in the reopening of the Mark Addy.
Dan Whelan
Separate acquisitions by Warrington Council and Pictet Alternative contributed to £325m of deals recorded in the city’s office market last year, more than any other major UK city outside London, according to consultancy Avison Young.
In November, property investor Helical sold its Powerhouse Portfolio, comprising three Manchester office assets, to Pictet Alternative for £119m, while a month earlier, Warrington Council agreed to forward fund BT’s North West headquarters at English Cities Fund’s New Bailey to the tune of £112m, as revealed by
Place North West.
Those two deals were the largest in terms of value of office sales transactions outside London in 2020 and helped Manchester record £235m of deals in the final quarter of a turbulent year, Avison Young’s Big Nine Q4 2020 report found.
Dan Whelan
BT’s 175,000 sq ft letting at English Cities Fund’s Four New Bailey saw office take-up for the final quarter of 2020 hit 350,000 sq ft, taking the total for the year to 800,000 sq ft, the first time total annual transactions in the city centre have dropped below 1m sq ft since 2013.
The yearly total for a Covid-hit 2020 is significantly lower than that recorded in 2019 when almost 1.5m sq ft of deals were signed.
However, after a strong final quarter, which saw a 280,000 sq ft jump in space transacted compared to Q3, agents were confident Manchester still has the power to attract occupiers despite the challenging climate.
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