The Manchester Crane Survey 2019 offers an overview of the city from the period 13th January 2018 and 11th January 2019. We talk about the key facts to emerge from the report.
Peter Scully | 28th August 2019
One of Manchester’s biggest draws has been its supply of high-quality housing at affordable prices. This has enabled it not only to hold on to its own young people, who might otherwise have left it for pastures new, but also to attract people, especially young people, from other parts of the UK and even beyond.
In fact, the traditional North to South migration of young people has been actively reversed with record numbers of London-based Millenials heading north in search of a better work/life balance. As such, it’s hardly a surprise that Manchester is focusing on the development of residential housing and far from the pace of development slowing, it is, in fact, picking up.
The year 2018 saw 14,480 residential units go under construction, which is more than double the figure for 2016 (6,963). What’s more, it’s anticipated that the delivery of residential units over the next three years will amount to more than the total number of units delivered over the entire course of the previous ten years.
The year 2018 saw a total of 13 schemes placed under construction, offering a combined total of 2,070,897 sq ft of floor space. This is a 37% increase on the activity in 2017 and shows the impact of three years of solid and robust growth. It’s also noteworthy that no less than 85% of the office space under construction is new build grade A space.
This will help significantly in Manchester’s efforts to attract the biggest names across all industries. These efforts are already starting to yield great results as can be seen both from the fact that major names are establishing bases in Manchester and the fact that over 25% of office space under construction is pre-let, which is a solid 10% increase from 2017.
Manchester has long been a popular student destination and its popularity has been increasing over recent years as young adults have become more and more aware of the fact that Manchester offers them the opportunity not only to get a prestigious degree at a reasonable overall cost, but also to get meaningful work experience which will not only help pay their bills in the short term, but potentially kick-start their careers after graduation.
The universities have also contributed significantly to the research efforts which have seen Manchester successfully transition its economy away from total dependence on heavy industries and towards a more balanced and forward-looking blend of industries, with a particular focus on developing its status as a technological hub. It is therefore very encouraging to see that the city has invested in 1.1m sq ft of education and research space, which is currently under construction.
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