Manchester is often described as the UK’s second city and is its fastest growing city economically. Boasting a population of 458,100, Manchester is the second largest urban zone in the UK and fourteenth in Europe. Located 160 miles northwest of London, Manchester is often referred to as the capital of the North-west, partly due to its economic dominance in the area. It is also home to the world-famous Manchester United Football Club and has a thriving cultural, academic and social scene.
Historically, Manchester was the first city in England to be industrialised and has a long association with the cotton and textile industries. The industrial revolution ultimately made the city what it is today; a bustling hub for industry. Manchester now attracts a full range of sectors, including financial and business services, and the manufacturing industry as well as relative newcomers, the media and the arts.
Manchester has the largest UK serviced office market outside London, mainly due to its population and its continuing ambition to attract new business, in particular in the service industry. The Royal Bank of Scotland, Umbro and JJB sports are just a handful of major companies that have chosen to be based in Manchester; and the BBC is due to open a new media village in Salford Quays in the not-so-distant future. In 2009, a £1.5 billion development called Spinningfields is scheduled to open in central Manchester, bringing even more retail and serviced office space into the market.
There are a wide range of operators that have centres in Manchester including many independent operators whose presence adds to the competitive nature of the local serviced office market. Office space in Manchester is mainly split into the areas of Deansgate, Piccadilly Gardens and the northern quarter. Deansgate attracts legal firms due to its Georgian architecture and access to the rest of the city. Office space in this area is high-quality and tends to demand higher rates. Piccadilly Gardens has undergone vast redevelopment over the last couple of years, giving it a really modern feel. New modern ‘glass and steel buildings’ have been erected which seem to be attracting much new businesses to the area. Meanwhile, in the northern quarter, there is a creative feel with most of the office space being housed in converted mills, attracting competitive creative industry rates and giving the area a quirky edge!
In terms of serviced office rates, Manchester is particularly competitive, with city centre desk rates starting from £300 per person per month. In comparison, the workstation rate in London is nearly half that! Interestingly, the high costs are doing little to deter companies from setting up offices in this thriving, vibrant city.