Manchester city-centre lettings slowed in Q3, but activity across the wider market tells a different story. Edwards Property Consultants looks beyond the headline figures to explore what they mean for occupiers and why finding the right workspace involves more than location alone.
The latest figures from the Manchester Office Agents Forum (MOAF) show a quieter third quarter for Manchester’s office market, with 155,000 sq ft of office space signed in the city centre. That’s around 30,000 sq ft below Q2 and almost 40,000 sq ft down on the same period last year.
It’s a challenging set of figures, particularly with Manchester needing a stronger final quarter to reach the city’s 1.1m sq ft five-year annual letting average. But it’s a more interesting picture if we look beyond the headlines.
The wider market tells a different story.
Outside the city centre, Salford Quays, Old Trafford and South Manchester recorded a combined 182,000 sq ft of take-up in Q3. MOAF describes activity across these markets as broadly in line with their five-year quarterly average.
For Edwards, that distinction matters. The market shouldn’t be viewed as one single picture: different locations serve different occupier needs, and activity can vary considerably between them, and Edwards work hard to ensure occupiers still see the value in moving or investing around a re-gear.
This quarter, Edwards was involved in the largest letting in each of three key markets:
- Manchester city centre: Deliveroo leased 24,975 sq ft at The Tootal Buildings.
- Salford Quays and Old Trafford: AM London leased 31,250 sq ft at Centenary House.
- South Manchester: Siemens leased 36,922 sq ft at Towers Business Park.
These transactions demonstrate that significant office commitments are still being made, even as overall city centre take up slows.
Occupiers are taking longer to make decisions.
The pace of decision-making is an important part of the current market. Businesses are taking longer to commit, and that can affect when transactions complete and appear in the quarterly figures.
For occupiers, the decision is rarely just about finding available space. Location, cost, accessibility, the quality of the workplace and how well it supports the business all need to be considered. Getting that decision right takes time, particularly when a move represents a significant commitment.
Inspiring workplace’s undoubtedly increase performance and staff retention which remains a key strategic driver for all businesses looking to stabilise, grow and expand.
Richard Dinsdale, Director at Edwards Property Consultants, says:
“Occupiers are taking longer to make decisions, but significant transactions are still happening across Manchester’s office markets. The right workspace, in the right location, continues to attract businesses, including established, blue-chip names looking to expand their presence in the North West.
“While Q3 has been quieter, we’re seeing reasons for confidence as we head into the final quarter of the year.
“At Edwards we listen, we think outside the box and we provide insightful, strategic advice to anyone thinking about a relocation, consolidation or refurbishment.”
Finding the right space is only part of the decision.
Choosing an office isn’t just about location, size or rental cost. Occupiers also need to consider how a building will work for their people, whether the space supports the way they operate and what needs to happen to turn it into the right workplace.
That’s where looking at the bigger picture matters. Alongside Office Agency, Edwards’ Building Consultancy team can support occupiers with the practical considerations involved in delivering a space that works for their business, from assessing a property’s potential to advising on design, refurbishment and the works required.
Bringing these areas of expertise together helps clients look beyond the initial property decision and consider the full picture: finding the right space, understanding what’s possible and making it work for the benefit of their business.
What does this mean for the months ahead?
The Q3 figures don’t tell the whole story of Manchester’s office market, nor do they guarantee a recovery in the final quarter. What they do show is that activity continues across the wider market, with significant transactions completing in different locations.
For businesses considering a move, expansion or a review of their existing accommodation, the important question is how well their workspace supports their plans – both now and in the years ahead.
Understanding the local market, assessing the options and negotiating the right outcome can make a material difference to that decision.
At Edwards, our Office Agency team works with occupiers and landlords across Manchester and the surrounding areas, helping clients navigate the market and make informed property decisions.
