Manchester Office Space Market Bounces Back

According to figures published on the Official Space website, the office space market in Manchester showed signs of significant improvement in the last quarter of 2009.

The study mentioned in the report, conducted by commercial property consultant DTZ, demonstrated that 332,000 sq. ft. of office space was leased in the last three months of 2009, much of it by Manchester City Council.

The council leased 145,000 sq ft of space in Ask Developments' First Street, 26,000 sq ft in Eliot House on Deansgate (the site of Manchester's new temporary library, intended for use during Central Library's refurbishment) and 9,300 sq ft on Universal Square in Ardwick.

As the UK slowly emerges from the global recession, these figures are extremely encouraging for the North West office space market.

New developments like The Hive, targeted at businesses operating in creative industries such as online marketing, independent retail and design, which were largely unaffected by the economic downturn, look likely to flourish.

The Hive offers Manchester creative businesses, retailers, artists and designers the opportunity to work in the city centre's thriving Northern Quarter, a hub for art, music and culture.

Despite the encouraging figures published in DTZ's report, 2010 is likely to be another difficult year for UK businesses. Business owners are going to be looking for ways to save money on bills and network more efficiently with like-minded companies and individuals in their industry, both of which are key benefits of renting office space in The Hive, which places a sense of community and environmental responsibility at the forefront of its philosophy.