Just came across this video of a serviced office in Manchester. It gives you a mini-tour of the office which is on Fountain Street, with a voice commentary outlining the details of the building and the surrounding area. These kind of videos should really help the industry fill more offices, as they will get potential occupiers more interested in the location. This is also a great option if you do not have time to visit a location or you are geographically too far away. You can get a really good feel for the office from this video.
Spinningfields, the Manchester office development continues to go from strength to strength with the news that the General Medical Council is to take a further 10,000 sq ft of office space. The extra space at 3 Hardman Street comes on top of the 50,000 sq ft they confirmed they would let earlier in the year. Steve Jones from GMC commented that the additional space would result in tangible benefits for the NHS.
Mike Ingall the CEO of the owners Allied London said that this was another shining example of how Spinningfields could attract major tenancy deals. He said occupiers were attracted to the flexibility and the prestigious location in central Manchester. Spinningfields seems to have been somewhat “recession proof”, and has now become THE place to rent office space in Manchester. Now an established brand within the City, other schemes will look on with envy as they land major tenant after major tenant.
Commercial property agents GVA Grimley have said that Manchester, out of nine UK cities surveyed, has the worse imbalance of demand vs supply. Staggeringly, out of nine cities surveyed, Manchester accounted for 30% of all available grade A space. It is also argued that this will take four year to be soaked up by occupiers, even it take up rates were at the levels they were before the recession took hold. More bad news emerged from CoStar, who have reported that total city centre office take-up fell 58 per cent to 141,824 sq ft in the first quarter of this year.
And it seems the over supply problem will be compounded by the fact that the are five speculative schemes of over 50,000 sq ft currently being built in the city centre. No wonder some landlords and agents will be getting jittery about the prospect of getting these half finished buildings filled with tenants. One such scheme is the Origin which is located on the corner of Princess Street and Whitworth Street. This will comprise of over 60,000 sq ft of office space as well as encompassing a hotel and residential units. The developers West Properties stated that work was three months behind schedule but that it would have an advantage over other properties as it was a mixed use scheme. They are also planning another scheme on Desngate but this will be completed outside the timeframe in the GVA report.
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