Manchester office market round-up
Take-up
Take-up in Manchester during Q2 2026 totalled 190,483 sq ft and was achieved through 48 transactions, comparable to the number of transactions in the same period in 2025. This brought the half-year total to 476,705 sq ft, which was 18% below H1 2025 but in line with the five-year H1 average, further demonstrating the global headwinds and domestic political uncertainty facing the occupational market.
Grade A and Prime take-up in H1 2026 totalled 315,246 sq ft, accounting for 66% of the total take-up. There were 27 transactions completed, 47% higher than the five-year H1 average number of transactions, with six of these over 10,000 sq ft.
Prime availability continues to fall
Availability at the end of Q2 2026 totals 2.6 million sq ft, on par with the previous quarter. This means the overall vacancy rate has remained the same at 10.16%, the lowest since 2019. Secondary stock accounts for 58% of the total availability.
Grade A availability stands at 708,092 sq ft, and Prime availability at 415,250 sq ft. Grade A availability has increased by 2% (on a sq ft basis) due to space at Circle Square coming back to the market. This results in Grade A vacancy now being at 2.67%. However, Prime availability has decreased by 2% (on a sq ft basis) and is now at its lowest on record for Manchester, with the Prime Vacancy rate now standing at 1.57%.
'Public Services, Education & Health' returns to the market in the first half of the year
'Public services, education & health' was the most active sector in the first half of the year, accounting for 29% of take-up by leasing 140,508 sq ft. There were ten transactions in total for the sector, with GPA acquiring the largest of these by taking the entirety of recently refurbished Havelock, totalling 115,000 sq ft, the largest transaction for the sector since 2022.
Another active sector was ‘Professional services’, accounting for 19% of the take-up for H1. The sector leased 88,770 sq ft across 19 transactions, with Consumer Rights Solicitors acquiring the largest of the sector at Lee House for a total of 13,742 sq ft.
With Prime availability at record lows and occupier demand focused on quality space, Manchester remains firmly positioned for further rental growth.
Oliver Luckman, Associate, Office Agency
New headline rent achieved
A new Prime headline rent was achieved at Island on the transaction to Arcadis, which acquired 10,339 sq ft, reaching £48 per sq ft. This reflects an increase of 7% on the previous headline rent of £45 per sq ft.
Prime headline rents in Manchester have grown by 28% over the previous five years. We anticipate that Prime headline rent will reach £57 per sq ft by the end of 2026.
Find out more about Manchester's property market here.
Interested in other areas of the UK?
View all of our latest H1 2026 occupational office data research here.