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.
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.
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.
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.
Grow your bank of leads in an efficient and effective manner at this fantastic Construction Market.
Meet 100's of senior decision makers who will be in attendance, you can be sure to leave with plenty of opportunities that will drive your business forward.
Secure your future by confirming your space at the event and let us bring the contacts you're looking for to you.
Time is money, so what better way to invest in your business than a day of meetings with senior decision makers looking for solutions and services in their construction and infrastructure projects.
The show is already attracting a high calibre of attendees.
Exhibit and unlock your potential growth.
Attendees will have plenty of opportunities to grow their professional network, exchange ideas and learn best practises from established practitioners and brands in their field. Prepare to be amazed as we'll be bringing you more entertainment and exclusive functions than you can possibly imagine.
Networking is essential to the growth of any business. It’s important to meet like-minded peers, learn about the latest trends and ask for advice from those who've been there and done it all. There are few better ways to do this than by attending an industry specific event like our Construction Markets.
Everyone should know how to use this amazing marketing tool.
With over 500m users worldwide and over 23m in the UK alone, LinkedIn provides access to a vast potential pool of talent and organisations – the challenge is to use this effectively.
LinkedIn offers all industry sectors the opportunity to connect with like-minded businessmen and women from all over the world.
It can unlock huge potential for your business.