Take-up

Take-up in Manchester during Q3 2025 totalled 189,969 sq ft through 46 transactions. Q1–Q3 totalled 771,511 sq ft, which was achieved via 147 transactions completed, which was on par with the same period in 2024. Although total take-up was 18% lower than 2024, it was 6% higher than the five-year Q1–Q3 average, demonstrating the city's robust long-term demand.

Grade A take-up totalled 170,925 sq ft and Prime take-up totalled 216,627 sq ft in Q1–Q3. Combined, they accounted for 50% of the total take-up and were 19% higher than the five-year average take-up.

Supply

Total availability at the end of Q3 in Manchester totalled 2.8 million sq ft, a decrease of 3% on the previous quarter, with secondary stock accounting for 53% of the total. This means that the overall vacancy rate has decreased by 40 basis points (bps) to 10.7%.

Grade A availability totalled 779,979 sq ft, and Prime take-up totalled 561,768 sq ft at the end of Q3, also representing a decrease of 5% and 1%. The combined Grade A and Prime vacancy rate has decreased further by 10 bps to 5.1%. Meanwhile, the Grade A vacancy rate has decreased to 2.9%, and Prime has remained the same at 2.1%.

Take-up by business sector

The most notable sector during Q1–Q3 2025 was the 'TMT' sector, which leased a combined total of 283,486 sq ft, achieved through 29 transactions. The sector accounted for 37% of total take-up, with Autotrader's 130,000 sq ft transaction in Q1. The largest 'TMT' transaction in Q3 was from Global Draw, which expanded at XYZ, to a total of 20,153 sq ft.

Another active sector was the 'Public Services, Education & Health' sector, which leased 125,437 sq ft through 25 transactions, the highest number on record for Q1–Q3. The largest transaction in the sector was 24,780 sq ft, which was acquired by Elizabeth School of London at Arthur House in Q1. Another large transaction for the sector was in Q3, where ICO acquired 19,830 sq ft at 3 Circle Square.

Fitted and furnished deals

Q1–Q3 2025 has seen another rise in the preference for fitted and furnished office buildings by occupiers, with fitted transactions totalling 159,948 sq ft during the period, an increase of 89% of the entirety of 2024. There were a total of 54 of these transactions year to date, with these accounting for 37% of the total number of transactions, 110% higher than the proportion of take-up last year. The 'TMT' and 'Business and Consumer services' sectors have been the most active in acquiring fitted spaces, with a total of 15 and 11 transactions, respectively. Average deal size for fitted floors has also increased during the year to 2,962 sq ft, up from 2,420 sq ft during 2024.

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