The North West JOHN FLETCHER: “In My View”
The North West commercial property market continues to demonstrate resilience, albeit within more challenging conditions than those experi- enced over recent years. Across Greater Manchester, Lancashire and the wider region, activity remains steady, although the pace of the market has clearly cooled over the past 12 months. From our perspective, the principal theme is one of realism. The market is not as buoyant as it was during 2021/22 early 23. however, transactions continue to take place. Demand has not disappeared, but it has become more selective, with greater emphasis placed on value, location and specification.
Within the industrial and logistics sector, demand remains relatively strong, particularly for well-located units with good connectivity. That said, there is now a clear distinction between prime and secondary accommodation. Well-presented, modern units continue to attract interest, whereas poorer quality stock requires more competitive pricing and, in many cases, cap- ital investment to meet occupier expectations.
The office market continues to evolve. Whilst hybrid working has impacted overall demand, it has not removed the need for office space. Instead, there has been a shift towards higher quality accommodation, with occupiers focusing on environment, accessibility and staff retention. Secondary office stock, particularly in less accessible locations, remains under pressure and is increasingly being considered for alternative uses.
From a transactional perspective, the manner in which deals are con- cluded has changed. There is increased scrutiny from all parties on pricing, lease terms and overall value. Negotiations are typically more protracted and require a greater level of detail and supporting evidence.
In this environment, experience is critical. A detailed understanding of the local market, combined with an established network of contacts, is often key to progressing transactions. The ability to engage directly with clients and maintain momentum throughout negotiations can materially influence outcomes.
Equally, the ability to act decisively and quickly remains essential. Opportunities continue to arise, but there is little room for delay. Parties who are well-advised, prepared and able to respond promptly are best placed to secure favourable terms.
At Fletcher CRE, our focus remains on providing clear, commercially grounded advice across agency, valuation and asset management. Recent instructions have included lease advisory work, rent reviews and repositioning strategies across a range of commercial assets, reflecting the need for a proactive approach in the current market. Locally, there are clear and tangible signs of forward momentum. The continued progress at the Wellsprings office development highlights the delivery of the type of high-quality workspace now required by modern occupiers. More notably, the recent appointment of development partners, including Federated Hermes in respect of Crompton Place, marks a significant milestone for Bolton Town Centre and provides a clear signal of intent for large-scale regeneration. Combined with the successful repositioning of Market Place, these schemes are already beginning to reshape the town centre offer, driving increased footfall, investment and occupier confidence.
Looking ahead, we expect the market to remain stable, albeit compet- itive. Locations that offer strong fundamentals, including connectivity, affordability and a diverse occupier base, will continue to perform. The North West remains well positioned in this regard. Ongoing regeneration initiatives and continued inward investment are supporting long-term confidence across the region. In our view, whilst the market is tough, it continues to present opportunities for those who are well-informed, well-connected and able to respond accordingly.
Call: 01204 221030 Email:
info@fletchercre.co.uk
FREETRADE BUILDING Heritage Meets Contemporary Workspace in Manchester’s Cultural Heart
The Freetrade Building is setting a new benchmark for premium work- space in Manchester’s city centre. Located close to the Town Hall and St Peter’s Square, this 36,000 sq ft Grade II listed Victorian building has undergone a comprehensive redevelopment that honours its architectural heritage whilst delivering contemporary office space tailored to modern working needs. innovation.
A Legacy Reimagined
Identified for redevelopment in June 2023, Freetrade needed to trans- form into modern workspace without losing what made it special in the first place. The Grade II listed building underwent extensive ret- rofitting to achieve an EPC A rating – a significant achievement for a Victorian structure.
Office tenants also now have access to facilities designed around gen- uine working needs and wellbeing-focused amenities, including a roof terrace, gym, yoga studio, sauna, and bike storage. This is workspace designed to support real working lives and what people need to come to work motivated.
COMMERCIAL PROPERTY MONTHLY 2026 Strong Occupier Interest
The calibre of tenants already securing space speaks volumes. Zurich – the globally renowned insurance firm.
Aptia, which launched in the UK following a management buyout of Mercer’s pensions administration.
Nine Chambers, a leading commercial and crime law practice, secured 9,178 sq ft across ground and first floors.
What’s Next
With one floor and 4,390 sq ft of premium workspace currently still avail- able, Freetrade continues to drive interest from prospective occupiers seeking the combination of heritage character, modern workspace stand- ards and genuine sustainability credentials.
For further information about available space at Freetrade Building, con- tact Ben Tolhurst at Clearbell.
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