According to Deloitte’s annual Manchester Crane Survey, Manchester city centre has enjoyed a record year of completions, and more schemes brought forward in 2019 at its highest level since 2006, and 2020 is set for the highest levels of delivery since the survey began in 1999.
27 developments were completed in 2019 in Manchester City Centre alone, including over 3,500 residential units. Vita Property Group, owned by new Stockport County owner Mark Stott, has completed the city centre’s first student residential development since 2017 at Circle Square on the former BBC site on Oxford Road.
427,000 sq ft of office space was delivered in Manchester City Centre, with over 2 million sq ft still under construction, which has the potential to create 15,500 new jobs in Greater Manchester, adding over half a billion pounds to the region’s economy and over £300 million in wages.
Simon Bedford, partner at Deloitte Real Estate which conducted the crane survey, said:
In 2014 we saw a huge surge in construction activity across both Manchester and Salford that lasted, in earnest, until 2019.
“Now, whilst the number of new starts is levelling out, we are seeing the results of Manchester’s construction boom reflected in the city’s skyline.
“The strength of the commercial sector is a promising sign for the city, as we continue to see an increased demand for high quality, Grade A office space.
“Not only is this servicing existing Manchester-based businesses, but we are seeing blue chip organisations opening up permanent, large-scale corporate offices here – demonstrating levels of confidence in the city’s business potential.”
Greater Manchester’s property boom is not confined to the city centre. The city-region’s first Mayoral Development Corporation has been set up in Stockport to deliver 1 million sq ft of commercial property and 3,500 residential units in Stockport Town Centre West, including Stockport Exchange and Stockport’s new transport interchange.