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Greater Manchester’s property sector is booming. Manchester has been named one of Europe’s fastest growing cities and demand for new property in and around the city has never been more evident.

The surge in construction projects has seen Greater Manchester cement itself as a thriving global destination. With 11,000 residential units under construction across 41 developments in Manchester – a massive increase of 60% on 2017, it’s clear to see the city’s property market is growing rapidly.

A few developments under construction in Manchester right now

Hanover House, where Amazon are opening a new 91,000 sqft tech hub in 2019

Manchester 2019

 

2018 was a subdued year for office space completions in Manchester, with just 284,000 sqft of space being delivered. The biggest block to complete construction was Bupa's new 145,000 sqft headquarters at Salford Quays, which is 100% occupied by Bupa. In the city centre, the renovation of historic Hanover House on Corporation Street completed in December 2018 and is already fully occupied by Amazon, who will open a 91,000 sqft tech hub in the building in 2019. 

With pent up demand for office space, rents across the city are burgeoning and developers have taken to refurbishing older office stock in central locations in order to satisfy demand. This will continue in 2019 with Allied London expected to complete their renovation of Astley and Byrom House - rebranded 'ABC Buildings' - and Helical due to complete their refurbishment of Trinity Court on John Dalton Street. But supply isn't expected to pick up again until at least 2020. In the meantime, over 350,000 sqft of office space is due to deliver to the market in 2019, with major newbuild schemes at Landmark on Oxford Street (178,000 sqft) and 125 Deansgate (113,500 sqft) due to complete.

iQ's proposal near Piccadilly station will see three new towers built, containing co-living apartmen

The resi boom will continue

 

More apartments completed construction in 2018 than any other year since the recession, with nearly 3,000. Although this is a staggering statistic, it's expected that 2019 will see the completion of nearly 7,000 homes across Manchester city centre, Salford and Trafford. All schemes due to be delivered in the next 12 months are already under construction. 

2,971 of the homes due for completion in 2019 are in Manchester city centre; 3,376 are in Salford; and 515 are in Hulme. The rest are scattered between Cheetham, Trafford and Ardwick. 

2019 will also be a staggering year for residential developments starting construction. There are 18 schemes, totalling 4,345 homes, which will almost certainly start construction next year. Among them is Echo Street, near Piccadilly station, which is being brought forward by iQ. It will be Manchester's first co-living development. In Old Trafford, Cole Waterhouse is expected to start construction at No1 Old Trafford, which is being built on the Trafford side of Salford Quays. It will feature 354 apartments in two towers 15 and 18 storeys in height, designed by 5Plus architects.

Trafford Council's Civic Quarter masterplan is expected to be adopted in 2019 and looks at developin

Development will spread outwards from the city centre

 

This has been happening in Manchester for a few years already with the redevelopment of places like Chapel Street and Salford Quays. But as property prices push higher in Manchester city centre, and the need for commercial development in prime central locations pushes other uses further away, developers and investors could start looking to some of the areas surrounding the city centre for development opportunities. It's unlikely that areas not on Metrolink lines will share this growth. 


 Trafford Council will progress their development framework for the Civic Quarter around Trafford town hall in 2019. It involves a major redevelopment of the land surrounding Talbot Road, where the Manchester United class of 1992 are building UA92 - a new university aimed at sport sciences. Development here takes advantage of the area's two Metrolink stations which together give access to most of south Manchester, as well as central Manchester and beyond.  

It’s safe to say that Manchester and its surrounding areas are expanding at a rate of knots!

Why you should get involved.

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