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Deloitte finds Manchester outgrows many EU cities

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    Manchester’s construction boom is making it one of Europe’s fastest growing cities. The annual Deloitte Manchester crane Survey has revealed that the city has maintained pre-recession levels of city-centre apartment construction. This is the second year running it has done so, with 11,000 being built over 41 projects during 2017.

     

    A Different Class of City

    As well as the large numbers of residential construction, Manchester city-centre is building up to 1.5 million square feet of new office space. This includes the Circle Square and Landmark developments, both of which began in 2017. In 2017 alone, constructed was 973,380 square foot of office space; an increase of 75% on 2016.

    The hotel industry is also witnessing major development works. In 2017 3 city-centre hotels were completed, comprising Motel One on Cross Street (302 rooms), StayCity in Gateway House (182 rooms) and easyHotel’s Bradley House (115 rooms).

     

    No Brexit uncertainty here

    Despite wider Brexit uncertainty, 2017 was the third year of sustained growth in and around Manchester. Addressing these figures, Simon Bedford, partner at Deloitte Real Estate said, “We’ve reached the point where Manchester should be judged by different criteria from other UK regional cities. Manchester is now in a different league, genuinely competing with other European and international cities.”

     

    A Changing Skyline

    There have been some concerns that the number of new developments – including six new buildings over 25 storeys – could change or dampen the character of the city. Simon Bedford has answered these worries by noting that each of the 40 schemes is different. All have been designed by a range of international and national architects who are putting their mark on the city. Although the Manchester skyline is changing, Bedford says, “The idea that Manchester will end up looking homogenous is one I totally refute.”

    Bedford does admit that there will be some change, however. “There have been concerns about the character of places like Ancoats, the gay village and the Northern Quarter. But that surely is what the city is like, it moving on and changing as a constant.” And this change doesn’t seem to be slowing. Bolstered by significant investment, a strong business network and a growing talent pool, there is increased demand for property – particularly residential. In 2017, 20 new residential construction projects began in Manchester, just 2 fewer than the record-breaking previous year.

    We are very proud to see such fantastic development occurring in city. Prouder still to have worked with various developers and investors to enjoy in some of this success already. To be a part of cities story, and ours, why not check out our available portfolio on the Manchester area.

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