Two of Manchester's largest active requirements are edging closer to becoming a reality as online car retailer Auto Trader and global banking giant JPMorgan single out Grade A offices to host their combined 160,000-square-foot space in the North West.
CoStar News understands that Auto Trader, which is looking for 80,000 square feet to 90,000 square feet, has drawn up a shortlist of four city centre offices, as part of plans to secure new premises in the city. The firm is based at 1 Tony Wilson Place, where it occupies circa 75,000 square feet.
GL Hearn is advising Auto Trader.
Two of the buildings being circled by the automotive listings giant are under construction, reflecting a trend by companies to target newer, Grade A offices for relocations. They include Credit Suisse's 111,000 square foot Havelock office on Greater Bridgewater Street, which is being redeveloped, and HBD's The Island on King Street, a new building that will provide 100,000 square feet of Grade A office accommodation.
Both structures are targeting 5* NABERS rating or above and are due to complete in 2024, but they are in different areas. The Island sits in Manchester's central business district, while Havelock is located towards Oxford Road and Deansgate stations.
The other names on Auto Trader's shortlist are Bruntwood SciTech's Circle Square and a development plot on First Street. The former comprises three commercial buildings, two of which, No1 Circle Square and No2 Circle Square, provide a combined 400,000 square feet of office accommodation. Both buildings opened in 2021 and provide large floor plates of up to 19,126 square feet. The scheme is a stone's throw from Manchester Oxford Road station.
The First Street office would be a speculative development and would see the firm relocate next door to its current address. Last October, Ask Real Estate, along with Vita Group, announced plans for two new commercial buildings at First Street, including a "next generation sustainable office building", comprising 215,000 square feet.
Market sources have also suggested the firm submitted a request for proposals with the view to taking space at footballer Gary Neville's St Michael's development, which will provide 186,000 square feet of offices when complete. The Relentless property recently secured a new headline rent for the city at £43 per square feet, agreeing leases with international law firms Pinsent Masons and Hill Dickinson.
Auto Trader confirmed to CoStar News that is was looking to upgrade its space in Manchester to house its large technology workforce. A spokesperson said: "We are looking for new, larger premises in Manchester for occupation in 2026 to accommodate our steadily growing headquarters, where all our technology teams are based."
JPMorgan is also getting closer to finding a large North West hub after a longstanding search, CoStar News understands. The bank is looking closely at NOMA, the £800 million, 20-acre mixed-use redevelopment scheme.
It had been reported that the firm was originally looking for around 100,000 square feet. But local agents confirmed that it was now seeking around 70,000 square feet, setting its sights on 4 Angel Square.
The property is a net zero, 200,000-square-foot office sitting on the corner of Corporation Street and Miller Street close to Victoria Station. It is owned by Federated Hermes, with its MEPC business enlisted as development and asset manager.
In June, JPMorgan opened a small office, around seven to 10 desks, at Barings' Landmark office building on Oxford Street. It marked an initial entrance into the Manchester office market, with a bigger move tipped to follow. JLL is leading the bank's search.
The NOMA scheme buildings have already attracted some of the world's largest firms since openings in the 2010s, including Amazon, which made the Hanover Building its first headquarters outside London in 2018, taking around 37,000 square feet. Deloitte occupies a similar amount of space.
One of the scheme's most striking buildings, One Angel Square, was put on the market in June. CBRE is handling the sale of the 329,219-square-foot building, seeking £165 million, or a 7% net initial yield, for the Co-op headquarters.
JPMorgan declined to comment.