“The Manchester market place is buoyant” – NovaLoca interview with Pearson Ferrier
With much talk of “The Northern Powerhouse” in 2015, NovaLoca have been looking at Manchester as one of the key cities involved. With a population of over 2.55 million within Greater Manchester and exciting new developments going forward in 2016, we were eager to speak with Pearson Ferrier who have various offices in the area.
NovaLoca interviewed Jonathan Gold of Pearson Ferrier who told us that they “have seen activity improve in Manchester and business increase throughout the year of 2015.” Jonathan said: “attractive rents on offer and new locations becoming available” means that the “Manchester market place is buoyant.” The interview below discusses trends and new developments within Manchester as well as predictions for 2016.
What trends have you seen emerge in the Manchester market this year?
Jonathan confirmed that Pearson Ferrier have seen trends emerging with demand for retail and industrial this year. Particularly, they have seen more online businesses wanting a retail presence within the city. This means that prices, although slowly, have been rising but proves that demand is outweighing supply.
Retail has seen a steady growth through the year. A lot is happening in the city in regards to retail with projects such as The Great Northern Warehouse set to become a 780,000 sq ft mixed-use quarter with retail, restaurants, offices and a cinema including some residential property.
Manchester saw a huge growth in demand through 2015 for office space which can be seen from recent Bilfinger GVA figures. The recently released figures showed more than 370,000 sq ft of Manchester city centre office space was let between July and September 2015. Office take-up in Manchester city centre was almost 50 per cent above the five-year-quarterly average between July and September. Manchester has the highest level of office uptakes outside of London, with a total of 373,477 sq ft completed in the third quarter of 2015.
The demand for industrial has been buoyant all year with a limited supply and properties getting snapped up quickly, especially in the middle of the market. Middle sized industrial properties are the least available.
Are there any projects or developments that you are particularly excited about at in Manchester at the moment?
Pearson Ferrier have recently acquired a large high street retail project in Warrington town centre. Jonathan confirmed: “The site is 70,000 sq ft and we have been instructed to project manage the refurbishment together with letting the available units.”
What do you expect going forward into 2016?
Jonathan recognises Manchester as a “thriving, fast workplace with different business and cosmopolitan appeal on offer.” Pearson Ferrier have seen ALL business attracted to the Manchester area and believe that attractive rents and new locations becoming available will benefit all businesses considering Manchester as their base.
Jonathan closes by saying: “We hope activity levels will continue to be buoyant and are hopeful for further growth within our company in 2016.”
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