North West city named among Europe’s fastest growing
Manchester is one of the fastest growing cities in Europe, according to new data.
Residential development in the city maintained its upward trajectory and exceeded 2007 levels for the second year running in 2017, according to Deloitte’s Manchester Crane Survey.
The professional services firm’s Real Estate business found that 20 residential schemes started construction on site last year, just shy of the record 22 developments in 2016.
In terms of residential units, the survey highlighted a 60% year-on-year uptick.
There are currently 11,135 units being developed across Manchester. According to Deloitte Real Estate, the figure represents the third year of sustained growth for the city, despite increasing market uncertainty due to Brexit and rising construction costs.
Simon Bedford, partner at Deloitte Real Estate, 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.”
Over 973,000 sq ft of office space was delivered in 2017, while the retail and leisure sector saw 62,557 sq ft of new space.
Mr Bedford continued: “The results from this latest crane survey are hugely impressive for Manchester.
“The city has maintained a strong degree of momentum on the results from 2016, and the level of build in the city centre should be seen as a benchmark for cities looking to grow and develop.”