Manchester office sector 'benefiting from downturn' - commercial mortgages

20 August 2008

The office sector in Manchester is actually gaining from the current downturn in the sector, a developer has said, news that may interest those with commercial mortgages.

Mike Ingall, the chief executive of Allied London, told the Manchester Evening News: "The current market is bizarrely working in Manchester's favour, because it has provided an excuse for occupiers to take the cost-effective office space the city provides."

He stated that his company is still planning to construct another 400,000 sq ft of offices in the city at its Spinningfields development.

While Mr Ingall sees positive prospects for Manchester, Leeds could also be in line for a boost to its supply of high quality office space.

Kenmore Property Group has been granted planning permission to upgrade City House, which is located above Leeds Railway Station, into 130,000 sq ft of A-grade office space, the Business Desk reports.