Manchester is a commercial property hot spot

Manchester was one of the UK's best property markets in 2009, a report said today.

Research findings by CB Richard Ellis showed take-up in the city centre was 830,000 sq ft, falling just three per cent below the five-year annual average of 855,000 sq ft. Demand for 'Grade A' space during 2009 was significantly above average, with a total of 400,000 sq ft of lettings. At the end of 2009, availability in the city centre stood at 2.5m sq ft, up from 1.7m sq ft in 2008.

Prime rent in Manchester continues to be £28.50 a sq ft, although occupational costs increased during 2009 as a result of a reduction in rent-free periods from five years on 15-year leases at the start of the year to approximately 3.5 to four years at the end of December.

As reported by the Manchester Evening News

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