More than £300 million was invested in the Manchester office market during the first half of 2010, a substantial increase from the same period last year, office insurance customers have learned.
Data published by property adviser CB Richard Ellis (CBRE) show that £316.7 million was invested in such commercial property - which could include transactions by those in possession of office insurance - during the first six months of the year, in comparison to £46 million of transactions from January to June 2009.
Rehan Zaman, associate director in the Capital Markets team at CBRE North West, pointed out that the most significant deal was Aerium's purchase of 3 Hardman Street, Spinningfields, for £180 million, which signalled a "robust recovery in office values".
"The recovery in Manchester has been stronger than in other regional cities as vacant space has become so limited, creating scope for real rental growth. Manchester has therefore become the firm favourite for investors seeking office assets outside central London," he said, comments that office insurance customers may wish to bear in mind.
Last week, CBRE revealed that the first half of 2010 saw six office investments totalling £231.5 million completed in Birmingham's city core, mirroring a trend seen across other major regional centres.
