More than 11,000 new homes are under construction in Manchester across 41 separate schemes, as investor confidence, a strong business community and the arrival of growing numbers of young professionals all add to the city’s international appeal.
Deloitte’s annual Regional Crane Survey, which looks at construction activity across major cities including Manchester, Birmingham and Leeds, has revealed strong levels of growth and development in Manchester, placing it as one of the fastest growing cities in Europe.
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According to the results, 11,135 residential units are currently being built, which is 4,172 more than the amount being built in 2017’s survey, while the number of units completed last year reached 1,784 – the highest level seen for nine years. In the offices sector, more than 1.5 million square feet of office space was finished last year, with a 2.4x increase in the number of retail and commercial units under construction.
Skyscrapers are one major addition that is significantly transforming Manchester, with six towers of more than 25 storeys currently under construction, and the report concludes that the city will “remain an attractive prospect for international investment, despite increasing competition for sites”.
Catering for young professionals
Interestingly, 59% of all the properties and units being built are two-bedroom homes, supporting the growing trend towards flatsharing for young professionals. Three-bedroom or larger units only account for 8% of the total.
Deloitte Real Estate partner Simon Bedford said: “Manchester has firmly established itself as one of Europe’s fastest growing cities.
“Backed by significant investor confidence, a strong business community, and an influx of new talent, the demand for property, particularly in the residential market, has never been more evident.
“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.”