Report says around 36,000 more office workers will need to be accommodated by 2025 and Stockport is in a good position to benefit
Stockport is well-placed to take up the predicted shortfall in the region’s office space.
A ‘Future of Manchester’ report published by real estate adviser Savills has said that an additional 3m sq ft of offices and 55,000 homes need to be built in Greater Manchester over the next decade to meet demand.
And one in 10 businesses in the North West said they will be looking for larger premises in the next 12 months, according to a survey by law firm Irwin Mitchell.
The Savills report said that the number of office workers based in the region is set to grow by around 36,000 by 2025 as more companies look north to grow their presence.
Phase two of Stockport Exchange next to the train station will see 43,000 sq ft of office space created by 2020.
The final phases of development will include a further three office buildings, extension of the open space and further improved accessibility for pedestrians.
Councillor Patrick McAuley, Executive Member for Thriving Economy at Stockport Council, said: “Stockport is one of Greater Manchester’s most successful business locations; this is encouraging news and would be growth that we are well placed to accommodate.
“Stockport is already home to a number of successful business parks and high quality office developments, we are building on this with the development of Stockport Exchange.
“Work has now begun on creating the new business hub with grade A office space, a Holiday Inn Express hotel and high quality public space connecting Stockport Exchange to the rail station, the buildings are due for completion in late 2016.
“A 1,000-space multi-storey car park was completed last year as part of the development.
“Alongside this our Investing in Stockport programme will see new homes built in Stockport.”
James Evans, director of office agency in Savills’ Manchester office, said: “Manchester continues to boom with relatively affordable living and commercial space stimulating continued demand for offices from indigenous, north-shoring and inward-investing businesses.
“While this is good news for landlords, investors and developers, if we fail to keep pace with demand the city’s ongoing growth prospects could be jeopardised, with businesses relocating or looking elsewhere if they can’t find space that fits their requirements.
“The planning process needs to carefully balance the need for more offices against the equally pressing requirement to deliver more homes, as these new employees will need somewhere to live as well as work.”
