Agents say number of large requirements set to complete later in the year

Property agents say office demand in Manchester remained “resilient” in the first quarter of the year as SMEs drive the market ahead of larger deals expected to complete later in the year.

The latest report from the Manchester Office Agents Forum (MOAF) showed office take-up for the first three months reached 286,000 sq ft across 51 deals, which is “in line with the five-year average” It is down on last year’s Q1 figure of 319,995 sq ft across 53 deals, which was the best first quarter take-up for five years.

Key transactions this quarter included the Government Property Agency’s acquisition of 114,000 sq ft at Havelock, X & Why taking 25,000 sq ft at The Hive, Jacobs securing 9,000 sq ft of expansion space at The Lincoln, and Sheppard Robson moving into 9,000 sq ft at its own scheme at Pall Mall.

But MOAF said activity was driven largely by smaller moves, with 42 deals each for under 5,000 sq ft of space.

Meanwhile, another study by JLL has shown that Manchester kept its position as the UK’s biggest regional office market in 2025 – and was the only Big Six city to record more than a million sq ft of take-up.

Rosie Veitch of Sixteen Real Estate said: “The Manchester office market continues to perform well year on year. The bulk of Q1 transactions were under 5,000 sq ft, highlighting SMEs’ confidence in Manchester as a city. This is supported by the city’s strong talent pool, excellent transport links, and the high-quality office space being delivered by landlords with 34% of all deals under 10,000 sq ft being fully fitted and furnished.

“There also remains a number of large requirements in the market from both existing Manchester occupiers and new entrants, which we expect to transact later in the year.”

Beyond the city centre, MOAF reported that office activity was steady in the key sub-markets of South Manchester, Salford Quays & Trafford and Warrington, which together delivered more than 160,000 sq ft of take‑up in Q1.

South Manchester saw 82,400 sq ft across 64 transactions, again driven by SME demand and smaller lettings, while Salford Quays & Trafford saw 35,500 sq ft of take‑up. Warrington reported 42,300 sq ft of take-up from “larger strategic lettings” to smaller deals for less than 2,000 sq ft at the borough’s business parks.

Simon Roddam, head of OBI’s regional/out-of-town office in Warrington, said: “The Q1 figures underline that demand remains resilient outside the city centre. While occupiers are taking a more considered approach, South Manchester, Salford Quays & Trafford and Warrington continue to perform well by offering the right blend of quality accommodation, flexibility, and competitive occupational costs.”

MOAF members include Avison Young, CBRE, Colliers International, Canning O’Neill, Cushman & Wakefield, Edwards, Fisher German, TSG Property Consultants, Hallam Property Consultants, JLL, Knight Frank, LSH, OBI, Savills, and Sixteen.

JLL’s research showed Manchester recorded 1.06m sq ft of transactions in 2025 – down on the 2024 peak of 1.22m sq ft but close to the five-year average of 1.1m sq ft.

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Key deals included AutoTrader’s 130,000 sq ft commitment at 3 Circle Square, which was the the largest single deal across the Big Six in 2025. Six of the top 20 regional deals, totalling 307,000 sq ft, were in Manchester.

JLL is now forecasting prime rents will reach £60 per sq ft by 2030, up from £45 at the end of 2025. But it says the supply pipeline remains a challenge, as several new schemes under development will not complete until 2027 and 2028 at the earliest.

Manchester also led the Big Six in investment, with £257m transacted across 14 deals – up 22% on 2024.

Richard Wharton, director of Office Agency in Manchester at JLL, said: “Manchester’s fundamentals remain the strongest of any UK regional market. The demand pipeline for 2026 is robust, but occupiers looking for best-in-class space need to be moving now.

“With the new-build pipeline not delivering until 2027 at the earliest, we expect competition for prime space to intensify and rents to continue their upward trajectory. The refurbishment market is filling some of the gap, and we’re seeing strong appetite from occupiers for well-executed retrofit schemes in core locations.”

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Irakli Gilauri
Chairman, CEO & Director

[Audio Gap]

I am pleased to give you the overview of our performance. Let me give you some content for today’s call.

So we’ll start with — I’ll talk about the Q1 performance. Then our CEOs of our large portfolio companies will talk about their particular performance of their companies and how it’s progressing. Giorgi, our CFO, will talk about portfolio valuation and liquidity and dividend income outlook. And in the end, we will have a Q&A session. And as always, we’ll answer all of your questions.

Now let me give you the key developments — overview of the key developments. Our NAV per share was flat in Q1. In pound sterling terms, it went up 2.1%. This is due to the decline in share price of Lion Finance Group. It was in Q1. However, as share price recovered — and year-to-date, we have NAV per share growth of more than 9%. So basically, our large portfolio companies performed well and then LFG share price performed well post Q1. And that was the result of the 9.2% year-to-date growth in Lari terms.

So the performance of our large portfolio companies, as I said, was exceptional. It continued to grow top line at 13.7% and resulted in 27% year-over-year EBITDA growth. It’s a phenomenal growth. I must say that our base for last year was pretty high. Our base was already grown quite — Q1 2025 was already — we had experienced a high growth. And

DUBAI — The United Arab Emirates announced Tuesday it will leave both OPEC and the broader OPEC+ alliance effective May 1, delivering a major blow to the oil producers’ group and its de facto leader Saudi Arabia amid the ongoing Iran conflict that has severely disrupted Gulf energy exports.

The surprise decision, confirmed by state news agency WAM, reflects the UAE’s “long-term strategic and economic vision” and its desire to pursue independent production policies focused on national interests. As the world’s seventh-largest oil producer and OPEC’s third-biggest member, the UAE’s exit marks one of the most significant departures in the cartel’s history.

Here are 10 essential things to know about the UAE’s dramatic withdrawal:

1. Timing and Effective Date: The exit takes effect May 1, 2026, just days before a key OPEC meeting. This rapid timeline leaves little room for negotiation and signals a firm break from collective decision-making.
2. Motivation Tied to National Interests: UAE officials cited the need for greater flexibility to respond to market dynamics and invest in domestic energy production. The move comes as the Iran war has choked the Strait of Hormuz, slashing UAE crude output by more than half.
3. Blow to OPEC Unity: Losing the UAE weakens OPEC’s influence over global supply and prices. The group, already strained by internal disagreements and external pressures, faces potential further fragmentation.
4. Impact on Oil Markets: Oil prices surged above $100 per barrel on the news, reflecting fears of reduced cartel cohesion and tighter supply amid the Hormuz disruptions. Brent crude rose sharply as traders digested the implications.
5. Long-Standing Tensions: The UAE has long complained about OPEC production quotas limiting its export potential. Disagreements over compliance and capacity have simmered for years, exacerbated by the current crisis.
6. Shift Toward Independent Strategy: By leaving, the UAE gains freedom to ramp up production independently when conditions allow, prioritizing economic diversification and long-term energy investments over cartel solidarity.
7. Broader Geopolitical Context: The decision arrives during unprecedented regional turmoil. The ongoing conflict has forced Gulf producers to shut in output and seek alternative shipping routes, straining traditional alliances.
8. Effects on OPEC+: The wider OPEC+ group, which includes non-OPEC producers like Russia, loses a key participant. This could complicate future production agreements and market stabilization efforts.
9. Market Reactions: Global energy markets reacted with volatility. Energy stocks mixed, while related currencies and bonds adjusted to the new uncertainty. Analysts expect continued price swings in coming days.
10. What Happens Next: OPEC has not yet issued a formal response. The UAE’s departure may prompt other members to reassess their positions, potentially reshaping the global oil governance landscape for years to come.

The UAE joined OPEC in 1967 and has been a major player in shaping the organization’s policies. Its exit ends nearly six decades of membership and removes roughly 3-4 million barrels per day of production capacity from the cartel’s coordinated efforts.

Energy analysts describe the move as a watershed moment. While OPEC has survived previous exits and internal rifts, the loss of a heavyweight like the UAE at a time of historic supply disruptions could accelerate the group’s diminishing influence in a world increasingly focused on energy transition and diversified supply sources.

For oil-importing nations, the development adds another layer of uncertainty to already elevated prices. Higher energy costs could exacerbate inflation and slow economic growth globally. For Gulf economies, it highlights the urgent need to accelerate diversification away from traditional hydrocarbon dependence.

Saudi Arabia, as OPEC’s de facto leader, now faces the challenge of maintaining group cohesion without one of its most important partners. Riyadh has historically pushed for disciplined production cuts, while the UAE has advocated for higher output quotas to reflect its growing capacity.

The timing aligns with broader shifts in the energy sector. Many producers are balancing short-term revenue needs with long-term sustainability goals. The UAE’s decision may reflect a strategic pivot toward maximizing near-term production while investing heavily in renewables and non-oil sectors.

Investors and traders should monitor developments closely. Further statements from OPEC, reactions from other members and actual production decisions by the UAE will shape market direction in the coming weeks. Volatility is expected to remain high.

The UAE’s exit underscores the fragile nature of international energy alliances when national interests diverge sharply. As the world navigates overlapping challenges of geopolitical conflict, energy security and climate goals, traditional power structures in oil markets continue evolving rapidly.

Whether other producers follow suit or OPEC adapts remains to be seen. For now, the UAE’s bold move has reshaped the global oil conversation and injected fresh uncertainty into an already volatile market.

LOS ANGELES — Los Angeles Lakers superstar Luka Doncic has begun light on-court activities as he rehabilitates from a Grade 2 left hamstring strain suffered in early April, but the Slovenian sensation remains far from full basketball activity with running still considered weeks away, according to the latest updates from the team and medical experts.

Lakers head coach JJ Redick provided the most recent positive development Tuesday, confirming that Doncic has started “some court work” after weeks of off-court rehabilitation. “Most of his stuff before had been standstill,” Redick said. “Luka is going to start some court work here soon.” However, the coach emphasized there is no firm timeline for his return to competitive play.

The injury occurred on April 2 during a game against an opponent, forcing Doncic to miss the remainder of the regular season. Medical evaluations confirmed a Grade 2 strain — a partial tear involving moderate damage to muscle fibers — which typically requires four to eight weeks of recovery depending on severity, individual healing rates and re-injury risk management.

As of late April 2026, the Lakers trail in their first-round playoff series but have shown resilience without their MVP-caliber leader. Doncic has been ruled out for the entire first round against the Houston Rockets, with a realistic target for return potentially in the Western Conference semifinals if the Lakers advance. Rushing the Slovenian star back too early carries significant risk of re-aggravation or a more serious injury.

Physical therapists and sports medicine experts monitoring the situation note that while on-court movement is a positive step, true running and change-of-direction work remain critical milestones that are still weeks away. “This does not look like a player that would be back in a week from the hamstring strain,” one analyst observed after reviewing recent footage of Doncic’s controlled activities.

The Lakers have taken a cautious approach, prioritizing long-term health over short-term playoff heroics. Specialised treatment in Europe, including advanced therapies, has reportedly accelerated early healing phases, but the organization continues to manage expectations carefully. Austin Reaves, dealing with his own oblique strain, has begun a return-to-play process but also lacks a firm timeline.

Doncic’s absence has created a significant power vacuum in the Lakers’ offense. LeBron James has shouldered a heavier load, while role players like Luke Kennard have stepped up with career performances. The team’s ability to compete without their primary ball-handler and scorer has surprised many observers and kept playoff hopes alive heading into critical games.

Medical experts explain that Grade 2 hamstring strains involve significant pain, swelling and weakness, with recovery timelines influenced by the player’s age, prior injury history and position demands. As a 27-year-old guard/forward who relies heavily on explosive movements, deceleration and change of direction, Doncic’s return requires careful ramp-up to avoid chronic issues.

Fan reaction on social media has been a mix of optimism and impatience. Many Lakers supporters celebrate the on-court work update as a sign of progress, while others express concern that rushing his return could jeopardize both the current postseason and next season. The injury has dominated basketball discourse, with daily speculation about potential timelines.

The broader implications for the Lakers’ playoff run are substantial. Without Doncic, the team has relied on collective effort and defensive intensity. Should they advance, his potential return in the second round would dramatically shift series dynamics against stronger Western Conference opponents. However, medical staff will likely err on the side of caution to protect one of the NBA’s most valuable assets.

Doncic has been a transformative figure since joining the Lakers, elevating the franchise’s contention window. His injury highlights the physical toll of the modern NBA schedule and playoff intensity. The Slovenian star’s work ethic and competitive fire have been evident during his recovery, with teammates and coaches praising his dedication to rehabilitation protocols.

Looking ahead, the Lakers face pivotal decisions. Game 5 against the Rockets looms large, with Austin Reaves potentially nearing a return. For Doncic, the focus remains on progressive loading — moving from controlled on-court drills to eventual running, cutting and full-contact scrimmages. Any setback could push his return into the Western Conference Finals or beyond.

Sports medicine professionals stress the importance of patience with hamstring injuries. Premature return often leads to recurrent strains that can sideline players for months. The Lakers’ medical team, known for its conservative management of star players, appears committed to a measured approach that prioritizes long-term availability.

As April 2026 draws to a close, Luka Doncic’s recovery represents both hope and uncertainty for Lakers fans. While on-court work marks meaningful progress, full basketball readiness — including unrestricted running — remains weeks away. The coming days will bring more clarity as the team balances competitive urgency with medical prudence.

For now, the message from the Lakers organization is one of cautious optimism. Doncic continues progressing through his rehabilitation protocol, and while he is not yet running at full speed, each step forward brings him closer to rejoining his teammates on the court when it matters most.

Ghirardelli Chocolate Co. is recalling 13 beverage mixes because they may be contaminated with salmonella, the company said.

The voluntary action follows a separate California Dairies Inc. milk powder recall that was initiated due to a concern about potential salmonella contamination, “which was supplied to a third-party manufacturer and used as an ingredient in powdered beverage mixes.”

Ghirardelli said the affected beverage mixes are packaged in large formats intended for food-service and institutional customers, but some may have been available for purchase by consumers through e-commerce platforms.

The company said that to date, no illnesses have been reported. Consumers who purchased any of the recalled powdered mixes can contact Ghirardelli directly via phone for information on receiving a replacement or refund.

CHOCOLATE SOLD NATIONWIDE RECALLED OVER UNDECLARED ALLERGEN POSING POTENTIAL ‘LIFE-THREATENING’ RISK

The exterior of the Ghirardelli Chocolate Shop at the Empire State Building in New York, New York. (Plexi Images/GHI/UCG/Universal Images Group via Getty Images)

Products affected:

30-lb. Chocolate Flavored Frappe

• Lot numbers: S195260A03, S195261A03, S291260A03, S295260A03, S596260A03, S191260A03, S291261A03

30-lb Classic White Frappe

4/2lb. Premium Hot Cocoa Pouch Bulk

• S550250A04, S149250A04, S249250A04, S349250A04, S449250A04, S549250A04

DOZENS OF ICE CREAM PRODUCTS RECALLED OVER UNDECLARED ALLERGENS POSING ‘LIFE-THREATENING’ RISK

6/3lb Chocolate & Cocoa Sweet Ground Powder

6/3.12lb White Chocolate Flavored Sweet Ground Powder

• S394260, S494260, S594260

Ghirardelli Chocolate Co. is recalling 13 products over potential salmonella contamination. (Ghirardelli Chocolate Co.)

6/3lb Vanilla Frappe Mix

• S495260, S495261, S594262

6/3.12lb Chocolate Flavored Frappe Mix

• S397261, S397262, S397263

6/3.12lb Classic White Frappe Mix

10# Chocolate Flavored Frappe Mix

CANTALOUPES RECALLED NATIONWIDE OVER SALMONELLA FEARS — WHAT SHOPPERS NEED TO KNOW

10# Classic White Frappe Mix

• S296260A03, S292260A03, S292260A03, S292261A03

6/3.12lb White Mocha Frappe Mix

• S297261, S297262, S393262

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6/3.12lb Mocha Frappe Mix

• S295261, S295262, S395260, S588260, S187260

6/3.12lb Frozen Hot Cocoa Frappe Mix

• S195260, S195261, S295260, S393260, S487260, S587260

As an Atlanta real estate professional, based in Atlanta, I’ve seen how many careers in this industry are shaped less by single breakthroughs and more by consistent, long-term discipline.

Sam Lagod’s story reflects that reality clearly. Through the lens of real estate market insights in Atlanta, his path shows how fundamentals, relationships, and steady execution often matter more than timing or luck.

Sam Lagod’s career did not start with big headlines. It started with small steps, steady work, and a clear focus on people.

Raised in Atlanta, Georgia, Lagod grew up in a close family. Sports were a big part of his early life. Baseball, football, hockey, and wrestling filled his days. Those experiences shaped how he approaches work today.

“Family was and remains a huge aspect of my life,” he says.

That early structure taught him discipline. It also taught him how to work with others. Both would later play a key role in his career.

From College Jobs to Real Estate Foundations

Lagod attended the College of Charleston, where he earned a degree in Business and Hospitality. During that time, he worked as a bartender and server.

It was not just about making money. It was where he learned how to communicate, stay organized, and handle pressure.

Outside of work, he spent time surfing, playing golf, and being outdoors. That balance between work and lifestyle stayed with him.

After graduating, he entered residential real estate. It was his first real look at how deals come together and how relationships drive business.

As someone who now follows real estate market insights in Atlanta, it’s clear how foundational those early experiences are for anyone trying to understand how markets function beyond the surface.

He later moved into commercial real estate. There, he focused on leasing and working with property owners and tenants. It gave him a deeper understanding of how properties perform over time.

Building Something Bigger with Amicus Properties

In 2019, Lagod helped bring a new idea to life. He was part of the early team behind Amicus Properties, a real estate investment firm focused on student housing across the Southeast.

The idea was simple. Focus on a specific market. Build systems that work. Grow with intention.

From an Atlanta real estate professional perspective, this kind of targeted strategy is often what separates scalable firms from reactive ones.

Lagod played a key role in shaping how the business operated. He worked across different areas, from managing properties to helping guide investment decisions. His work focused on improving how properties were run. That included working with teams, overseeing renovations, and tracking performance.

“Trust, communication, and commitment,” he says. “Those are the things that make everything work.”

Instead of chasing fast growth, the focus was on consistency. Step by step progress. Strong execution.

Navigating Change and Uncertainty in Real Estate

Like many in the industry, Lagod has faced periods of uncertainty. Market changes, shifting roles, and new challenges are part of the process.

He does not see those moments as setbacks. He sees them as part of the path.

“A significant obstacle I’ve faced has been navigating periods of transition and uncertainty,” he says. “I’ve learned to stay disciplined, seek advice, and focus on what I can control.”

That mindset is especially relevant when viewing broader real estate market insights in Atlanta, where cycles and shifts are constant and adaptability is essential.

That mindset helped him stay grounded. It also helped him make better decisions over time.

He believes success is not about avoiding challenges. It is about how you respond to them.

“I measure success by the progress I make and the relationships I build along the way,” he adds.

What Sets Sam Lagod Apart in Real Estate

Lagod’s approach is not complicated. It is built on a few core ideas.

Stay consistent. Build strong relationships. Focus on long-term growth.

As an Atlanta real estate professional, based in Atlanta, I see these same principles reflected in the most sustainable careers across the industry.

He believes that personal and professional success are closely connected. When one improves, the other often follows.

“When I’m growing personally and maintaining strong relationships, it allows me to perform better professionally,” he says.

He also values the people around him. From early mentors to current partners, those relationships have shaped his path.

“Trust yourself and who you surround yourself with,” he says.

That focus on people has been a key part of his work across residential and commercial real estate.

Life Outside Work: Balance and Perspective

Outside of business, Lagod keeps a strong focus on health and balance. He spends time outdoors with his dog, Forrest. He also enjoys surfing, golf, and tennis.

Fitness plays a big role in his routine. So does mental and emotional well-being.

He believes that taking care of yourself helps you show up better in every area of life.

He also gives back to his community. He volunteers with the varsity wrestling program at Marist High School and supports Project Open Hand.

“Family and friends,” he says when asked what matters most.

A Career Built on Steady Progress

Sam Lagod’s story is not about one big moment. It is about a series of decisions made over time.

From working in restaurants to building a career in real estate. From learning the basics to helping grow a business. Each step added to the next.

His definition of success reflects that journey.

“Success is building a life where I’m proud of the work I do, the people I surround myself with, and the impact I leave on others,” he says.

It is a simple idea. But it has shaped how he approaches everything.

And it continues to guide what comes next.

Many California residents who move out of the state are finding substantial savings on housing costs and an easier pathway to homeownership as affordability concerns weigh.

A recent analysis by the California Policy Lab at UC Berkeley, using data that anonymously tracks the same households over time from 2016 to 2025, found that Californians who relocate tend to move to more affordable areas and are more likely to become homeowners in the process.

The report found that on average, Californians leaving the state end up in neighborhoods where housing costs are $672 less per month – having faced average costs of $2,376 in California versus $1,705 in their new community. The analysis includes mortgage or rent payments, utilities, property taxes and insurance for monthly housing costs.

Renters relocating out of California saw rents lower by about 30%, or $631 a month, in their new neighborhood. Homeowners also find more affordable pricing for the median home, which costs about $396,000, or 48%, less than the median where they lived in California.

TRUMP ADMINISTRATION MAKES FANNIE, FREDDIE CHANGE IT SAYS WILL BENEFIT ‘TENS OF MILLIONS’ OF AMERICANS

Californians leaving the state have found savings on their housing costs and a more affordable path to homeownership. (Carlos Barria/Reuters)

That dynamic helps make homeownership more common in their new neighborhood, with 60% owning their homes versus 53% in the California neighborhood they departed.

By contrast, those moving within the state of California saw slightly higher costs, with average monthly housing costs of $2,263 rising to $2,277 for their new residence in the Golden State.

People moving to California generally faced a significant jump in their average monthly housing costs relative to their former neighborhood, which rose from $1,754 at their prior out-of-state home to $2,418 in their new community in California.

CALIFORNIA BUILT MORE HOMES THAN PEOPLE OVER SIX YEARS – SO WHY IS HOUSING STILL SO TIGHT?

Most of the Californians who left the Golden State went to nearby states. (iStock)

After seven years, people who left California are 48%, or 11 percentage points, more likely to become homeowners than they were before living in California. People who moved to California were only 27%, or 6 percentage points, more likely to be homeowners after seven years.

“The price tag has gone up on the California dream, and many families are leaving the state for more affordable places,” Evan White, executive director of the California Policy Lab at UC Berkeley and a co-author of the study, told Realtor.com.

“The difference these moves make is stark. Their destination neighborhoods are half as expensive, and they end up much more likely to own a home within just a few years,” White added.

HOUSING CRISIS HITS ALL AGES AS HOMEOWNERSHIP DECLINES NATIONWIDE

People who left California were more likely to become homeowners, the report found. (Kevin Carter/Getty Images)

The California Policy Lab’s analysis also looked at the states with net migration flows to and from California.

The state with the largest net inflow of residents moving there from California was Nevada, which received 81 more people per 10,000 annually from California on a net basis from 2016 to 2025.

Idaho, Oregon and Arizona were the next three states with the largest net in-flows, which amounted to 64, 37 and 36 per 10,000 over the last decade, respectively.

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Other states that have seen large influxes of new residents from around the country were less popular with departing Californians. Texas netted 11 more people from California per 10,000 each year, while Tennessee gained 13 and Florida just four.