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  • The Cost of Office Space in Manchester 2025

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Patrick Isitt
Senior Content Manager
Content specialist in office design and build.
  • Take-up in Manchester rose significantly in the most recent quarter, reaching 432,700 sq ft, an ~32% increase on the previous quarter figure of 328,000 sq ft and the strongest quarter since Q2 2019. This represents a 63% increase on the five-year quarterly average, building on the momentum from the beginning of 2024, which had already seen record leasing volumes.

    The standout transaction of the quarter was the 200,000 sq ft lease by Bank of New York Mellon at 4 Angel Square, marking the largest deal in Manchester’s office market in over four years. This transaction highlights the continued appetite for Grade A, high-quality space, which remains undersupplied. The city is on track to achieve 1.3 million sq ft of take-up by the of 2024, exceeding the five-year average.

  • Prime rent in Manchester 

    Prime rents in Manchester remain at £44.00 per sq ft, unchanged from the previous quarter but reflecting a 2.3% year-on-year increase. As the UK’s highest-renting city outside London, Manchester continues to see upward pressure on rents due to sustained demand for premium, ESG-compliant spaces. Predictions suggest rents will hold steady over the next few months, but could reach £46.00 per sq ft during 2025.

    Download The Manchester Office Rent Report 2024 to learn about our outlook for commercial space in Manchester, including a detailed map and highlights of the current trends.

    download report
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  • The cost of office space in Manchester 2025

    LocationGrade A Rent (per sq ft) Grade B Rent (per sq ft)
    Central Core£35.00 - £45.00£28.00 - £35.00
    Spinningfields£33.00 - £37.00N/A
    Ancoats and Northern Quarter£26.00 - £32.00£20.00 - £26.00
    Piccadilly£32.00 - £34.00£22.00 - £32.00
    Salford Quays£24.00 - £27.00£16.00 - £22.00
    Media City£23.00 - £26.00 N/A
    Manchester Airport£23.00 - £28.00 £17.00 - £26.00

    These costs are a guide provided by local commercial property experts and rent reports. These costs are updated each quarter and are subject to change.

  • Vertical market activity

    The Banking & Finance sector dominated the most recent quarter, accounting for 27% of take-up, led by the 200,000 sq ft lease at 4 Angel Square by Bank of New York Mellon. Professional services also remained a major contributor, representing 26% of activity. Meanwhile, the TMT and creative sectors continued to drive demand, collectively accounting for 15% of take-up, with notable deals such as ARM’s 68,860 sq ft lease at No.1 St Michael’s.

    These trends underscore Manchester’s status as a diverse and dynamic business hub, attracting a broad range of occupiers seeking high-quality, flexible office spaces.

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  • Demand for destination offices

    The demand for destination offices has grown significantly, with occupiers prioritising spaces that offer flexibility, sustainability and hospitality-inspired amenities. High-quality developments in areas like Spinningfields and St. Peter’s Square remain in high demand. Grade A availability, which stood at just 2.5% at the end of 2024, remains tight, driving up competition for premium spaces.

    Significant projects such as The Island, St. Michael’s, and 3 Circle Square are expected to deliver 940,000 sq ft of new and refurbished space over the next two years, 49% of which is already pre-let.

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  • What tenants want

    Market activity has been dictated by greater take-up for space that is promoting stronger ESG credentials as employers are seeking higher quality space and amenities to attract teams back into the office.

    Tenant aspirations for improved building amenities and sustainability accreditations have forced many landlords to refurbish their assets to enhance the offering. Several buildings have improved their communal amenities in the forms of cafes, collaboration areas and wellbeing spaces as part of active investment into these value-add facilities.

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  • Eden, a new development boasting Europe’s largest living wall across at New Bailey is a perfect example of this. The 115,000 sq ft building has been designed to meet the UK Green Building Council net-zero carbon in-operation targets and aims to promote wellbeing.

    Landlords will continue to refurbish their space to improve the offering to new tenants and meet the demand for top office space. The expectation is that Plug and Play space will continue to be popular among new tenants and will provide landlords with an efficient solution to reduce voids and rent-free periods.

  • The outlook for Manchester office space

    There is positivity surrounding commercial space in Manchester, with leasing activity expected to continue its upward trajectory The 5-year forecast shows that top rent in Manchester will grow by a further 8% and reach £48.50 per sq ft by the end of 2027.

    While vacancy rates increased slightly to 7.9% in Q3, availability of high-quality space remains constrained, ensuring continued upward pressure on prime rents. As businesses prioritise quality over quantity, Manchester’s position as the UK’s leading regional office market is set to strengthen further.

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  • For further advice on the Manchester office market, contact our regional workplace experts. They can guide you through both tenant and landlord markets in greater detail.

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