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Manchester

Manchester market to hit pre-2007 peak

Property consultant Jones Lang LaSalle reports that recovery is well underway


Manchester, 20 November 2013 – Experts at Jones Lang LaSalle have reported a strong office market in 2013 in the property consultant’s autumn breakfast briefing on the 20th of November.

The new figures show that office take up this year has increased by 30% on 2012, making 2013 the strongest year for the market in Manchester since 2006-2007.

In addition, prime regional office yields are now back to their 10-year average of just under six per cent – demonstrating the positive outlook for the market since the start of the year.

In his presentation on the North West’s Economic Overview Jon Neale, Head of UK Research at Jones Lang LaSalle, explained that Manchester is likely to be among the most successful of the main regional cities over the coming decade, at least in economic terms.

He explained that it has a particular concentration of the knowledge intensive sectors that are likely to drive UK growth in the future. The recent rapid increase in skilled young people in central areas of the city also suggests that its vibrancy as a business hub will move from strength to strength.

Tim Luckman, director at Jones Lang LaSalle, said: “The improvement in the market, following growing demand for well-located and well-maintained stock over the last nine months, has been encouraging and we’re looking forward to a strong start to 2014.

“Major UK banks are now returning to Manchester to fund big ticket deals, adding further weight to the view that the city is now fully in recovery mode.

The seminar also included a presentation from Julie Hirigoyen, UK Head of Sustainability at Jones Lang LaSalle. She explained the global sustainability challenges facing the industry and the drivers for change, including the likely minimum energy performance standards for buildings to be lawfully let beyond 2018.