Manchester’s economic boom driven by SMEs
Manchester’s SME economy continues to thrive according to the latest statistics from industry experts.
New data released by experts officebroker.com, reveals that serviced office prices have risen by 20% compared to the same time last year.
The average price per workstation per month now sits at £260, compared to £216 in the same quarter last year.
Researchers believe that this is down to the increased demand for quality office space in the city.
During the past 12 months, officebroker.com has seen a 36% increase in the number of enquiries they’ve received for offices in Manchester.
These increases, cement Manchester’s position as England’s most desirable office location outside of London.
Additionally, Manchester city centre has the highest concentration of serviced and flexible office space outside of the capital, another reason experts give for this price increase.
The average workstation requirement currently sits at 5.7, this is higher than both the North West and UK averages which reside at 5.3 and 5.1 respectively.
Regarding the average initial licence length, Manchester matched up with the UK average of nine months, slightly higher then the North West average of eight and a half months.
Chris Meredith, CEO at officebroker.com commented: “Manchester is displaying some really strong activity in the SME sector at the moment.
“We have seen this through a month on month increase in the average workstation price. In fact, for the year to date, we have witnessed a 52% increase in the number of businesses we have placed in Manchester alone.
“Manchester is a city on the rise and is fast becoming the northern hub for many of the UK’s businesses.
“The city currently has 45 active business centres and there remains a fervent demand for quality serviced offices.
“When it comes to the quality and choice of serviced offices Manchester has to offer it has no real rival other than the capital, so it is no wonder it is regarded as England’s second city.
“What is also very noticeable in the city is the increasing amount of development, all further evidence of the continuing economic recovery.
“However what is evident from these statistics is that this recovery, particularly in Manchester, is being driven by small and medium size industries.”