Commercial mortgage news: 200% increase in tenants committing to offices in Manchester

06 June 2011

Written by Steve Olejnik

There has been a 200 per cent increase in the number of tenants committing to offices in Manchester in the first quarter of 2011 compared with the same period in 2010, which may be good news for commercial mortgage holders.

This is according to Simon Jones, research project manager for officebroker.com, who added that the occupants are also agreeing to longer contracts on work spaces.

"People are not necessarily thinking just about the short term - they're starting to think about the mid to long term, which again is a positive thing," he stated.

"Manchester is following in the wake of central London," the expert said, arguing that the current trend in the north-west city is a positive one for the market.

Owners of high-end property may be encouraged to hear that Mr Jones has also noted people are looking for extra perks rather than settling for a less ideal office on a temporary basis.

Officebroker.com's latest City focus: Manchester report stated that the price of the average workstation rose to £235 in the first quarter of 2011 from £205 in the first three months of last year.

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