The last few months have seen more reports indicating positive growth in the UK property market. According to a couple of recent reports, the office market in Manchester city-centre is outperforming other cities in the UK.
The latest Manchester Office Market Snapshot by Colliers International has highlighted that office take-up in Manchester for 2013 in on course to exceed one million sq ft for the first time since 2010.
In addition to this, Lambert Smith Hampton’s Manchester Office Pulse Q3 2013 study also found office take-up in Manchester’s city centre is approaching a three-year high. Its report indicates a 77% increase on the previous quarter’s statistics, with figures reaching 198,766 sq ft.
The market in Manchester city centre has been boosted by the emergence of growth sectors favouring Manchester, such as media and technology.
If you are looking for new office space, it important to bear a number of factors in mind. You may want to try to negotiate a flexible lease – in difficult times, flexibility is important. Ideally a rolling break clause should be included. Additionally, try to ensure you don’t get stitched up with an on-going obligation and make sure you have the property surveyed if you are taking on responsibility for the whole building.
For more top tips, read our blog on successful commercial property deals.
For further advice in relation to a commercial property lease, or if you are buying or selling a commercial property, please do not hesitate to contact one our commercial property solicitors who will be happy to help out.
By Ian Liddle, Commercial Property Lawyer, Manchester