Despite the global pandemic, Manchester is continuing to attract high levels of property investment. At a recent event held by Insider Media in Manchester, the city’s business leaders and property professionals gathered to discuss Manchester’s continued economic success.
While many economies struggled with the fallout of the coronavirus pandemic and national lockdowns during 2020, Manchester faired differently. Northern cities proved their resilience last year and have bounced back much stronger than other parts of the UK.
Manchester’s 2020 was particularly favourable. Proving Manchester to be a property investment hotspot was the large level of investment into the city’s property market during the last quarter of the year. In the final three months of 2020, more than £150million was invested in the city’s retail, industrial and office space.
Jon Haslam is a speaker at the Insider event and Senior Analyst at CoStar Group. He forecasted a further £400million of potential investment into Manchester’s office space.
Tech innovation hub
Another reason for Manchester’s ongoing economic success was revealed to be its growing status as a centre for tech innovation. Tech is one of the key growth sectors for the city and Manchester is also a top global location for startups.
Another speaker at the Insider event, Javed Huq, Director at GP Bullhound, stated that Manchester’s tech success should be celebrated. They have the second biggest tech centre in the country – only behind London. So the city’s ambition level is much higher than it was even five years ago.
Huq went on to say, “When we speak to young people looking to build big companies they are not looking to get it to £10m or £20m and then exit. They are looking to build the biggest company they possibly can.”
Thanks in part to its status as a tech innovation hub, many companies are making Manchester property investments by moving their premises here – a phenomenon termed ‘northshoring’.
Some of the companies that already have a presence in the city include Adidas, Siemens, Etihad Airways, WorldPay, and Sodexo. Amazon has also taken space in Manchester’s Hanover building. And Salford’s MediaCityUK is one of the country’s most successful cultural and media centres.
At the Insider event, Dan Hyde, Senior Development Manager at MEPC described Manchester as “on the international radar.” He went on to state that it’s “not only looking to pull people from the south to the north, but also appeal to the wider international community.”
Quality rental demographic
With so many companies setting up locations in Manchester, the city’s already excellent employment prospects are set to increase. This is great news for Manchester property investments as more skilled people move to the city in search of high quality rental properties.
Speaker James Blakey, Planning Director at Moda Living spoke about the increase in people from overseas moving to Manchester. He said, “We’ve got people from 12 different countries; roughly about 40-42% are coming from freehold properties into the rental market.”
To find out more about making a Manchester property investment, contact North Property Group today to begin your investment journey.