The city’s commercial property market is bigger than those of all other districts in the region combined.
- Manchester has now moved into the top 10 UK cities best placed to see economic expansion in 2016
- Total commercial property deals in Manchester last year equated to more than those in all other major Northern Powerhouse cities combined
- With the prospect of huge job and population growth in the coming years, high levels of investment is already being pumped into Manchester
Figures from a new report suggest that Manchester is the leading city in the UK’s Northern Powerhouse.
2.5 million sq ft worth of commercial property deals were struck in Manchester last year, and new data from Lambert Smith Hampton (LSH) suggests that the scale of this investment is greater than that of all other major Northern Powerhouse cities collectively. The combined total deals for office space in Leeds, Sheffield, Newcastle and Liverpool came in at under 2.3 million sq ft.
But it’s the publishing of LSH’s latest City Vitality Index that clearly underlines Manchester’s growing importance at the heart of the UK government’s economic plan for the north of England. The city has moved into the top 10 UK destinations best placed to witness economic expansion over the next 12 months, the only northern city in England to feature.
“Manchester was ranked the fastest growing location in this year’s report, reflecting the strong performance of the property sector, rising population and array of new businesses beginning to flourish in the city,” commented Abid Jaffry, Head of Office at LSH Manchester.
£8.2 billion has been invested into Manchester’s commercial property market over the last 10 years, while there’s been a 50% increase in the number of new residential units under construction in the past 12 months. With 75,000 new jobs expected to be created in the city by 2025, one of the country’s fastest rising populations and some of the lowest levels of real estate stock in the UK, investors have been quick to invest in Manchester at the start of an anticipated growth curve driven by the Northern Powerhouse.