Manchester office market holds steady, says Drivers Jonas Deloitte

Manchester’s office market remains flat as Drivers Jonas Deloitte research shows rents are unchanged for nine months following the decline caused by the recession.

The monitor, that tracks the rental levels of Grade A and B office space in six UK cities, reveals a similar picture in Birmingham and Leeds where values have also remained unchanged for the first two quarters of this year.

Edinburgh and Glasgow have seen a slight decrease in headline rents for Grade B office space between April and June.

However, prime floor space rents in Central London, the City and Canary Wharf rose in between March and June of this year indicating that regional markets such as Manchester could well see an increase in office space values in the near future.

Adam Robson, senior surveyor, Drivers Jonas Deloitte Manchester, said: “While it may be too soon to talk of green shoots, the report shows that the decline in values brought on by the recession has stabilised.”

“If rents in the capital continue to rise and the wider economy continues its tentative recovery, Manchester remains well positioned to take advantage of a positive shift in the market."