This is confirmed by the latest annual Deloitte Crane Survey which shows record breaking residential development in an area covering Manchester city centre, the northern and southern fringes of the city and the area of Salford directly over the river.
In total, there were 31 schemes completed in 2018 comprising 16 residential developments, six offices, five hotels and two educational facilities. Overall, the total number of schemes in construction grew by 34% when compared to 2017 – demonstrating that the strength of the region is not confined to only one or two sectors. Instead, Manchester is becoming a modern, metropolitan city in which whole new mixed-use neighbourhoods are being created.
Almost 14,500 residential units were under construction across 2018 – more than double the number of units which were under construction in 2016. Furthermore, the anticipated level of residential delivery in the next three years is due to exceed the previous 10 years combined.
The picture is equally rosy when we turn to the swathes of new office space being built and delivered. More than 25% of the space under construction is pre-let, an increase over the 10% recorded in 2017. This not only shows that the commercial demand in Manchester is extremely strong, but that it is also growing rapidly year-on-year as the city’s economy booms. In addition, 85% of the construction is Grade A new build space.
But a good city is not simply a place to live and work, it is also a place which looks to the future. For this reason, it is encouraging that significant investment has resulted in 1.1 million square feet of educational and research space being under construction in Manchester. A growing economy requires more than just thousands of young professional workers, and investments into this sort of building diversify the city’s offering.
Of the many developments in construction in Manchester, X1 Manchester Waters stands out from the crowd. Part of the wider regeneration of the Pomona Island dockland, this development will provide the sort of modern, waterfront apartments which are in such high demand.
Following the sell out of Phases 1 & 2 – both of which are in construction – the launch of Phase 3 has been extremely successful with high levels of investor interest. If you are looking for your next buy to let property in Manchester, click here for more information on this outstanding investment opportunity and to enquire.