Manchester City council has recently released an annual report, which confirms that Manchester will be experiencing further growth in both population and several sectors such as housing and office space over the next 10 years.
From population and employment growth to property, the report highlights fantastic increases all around the city.
Some of these key elements are:
- Employment in Manchester is continuing to rise and has been since 2015, with employment opportunities increasing from 357,000 in 2015 to 392,000 in 2017.
- The sectors with the highest proportion of jobs in Manchester are in the financial, professional services and scientific industries (20.2%), which is more than the rest of the UK, counting only 16%.
- These sectors, alongside creative, tech and digital, represent the biggest growth in the city.
- Construction, wholesale and retail are currently replacing science, research and development sectors with regards to growth.
- Unsurprisingly, the construction is set to continue steady growth over the next few years.
Property, commercial and retail development:
- The Mayfield site, a disused area in Manchester City Centre, will be transformed over the next few years to include a commercial, retail and leisure development, as well as a residential community, and a 6.5-acre city park situated along the River Medlock. Planning applications for the first phases have been submitted and are now pending.
- St John’s is set to include the £110m Factory development, creating a “world-class and nationally unique culture-and-arts venue”. The former Granada Studios is also being transformed into a 200-bedroom hotel alongside the refurbishment of a bonded warehouse into an enterprise hub for SMEs, and the second location of the Manchester Tech Hub.
- Great Jackson Street will see the creation of 1,508 city centre homes as part of four residential developments that make up Deansgate Square, two of which are nearing completion.
- Beech Holdings are in the process of constructing a number of new residential developments across Manchester City Centre, providing over 1,000 homes in the next few years. This is in addition to the 600+ apartments already in their portfolio.
- Circle Square, which consists of a 10-acre mixed-use neighbourhood on the Oxford Road Corridor is progressing steadily since 2018 and will be increasing the workforce by 74,000 by 2025.
- Manchester will continue to remain the largest office market of any city outside of London, with headline prime rents of £35/sq ft and further office spaces to be built over the next few years on Deansgate and Angel Square.
- When Manchester had originally planned to build 25,000 homes between 2015 and 2025, the great market conditions in the area have allowed that figure to rise to 32,000, with residential delivery set to exceed 5,000 between now and 2020.
- Despite monthly rents for two-bedroom having increased by 1.9% in the city centre, rent in Manchester is still more attractive than London.
- Manchester International Airport is undergoing a £1bn transformation project, which will see an increase in the size of Terminal 2 and other improvements and enhancement work.
- Population growth is concentrated in the city centre and surrounding wards. There are 100,000 more city-centre residents expected by 2025 due to new developments
- Manchester City Council predicts 637,000 residents by 2025. Population growth has occurred across the whole of Manchester but has been concentrated in the city centre and surrounding wards over the past few years.
- Increasingly attractive accommodation, combined with the high-quality leisure and cultural offer in drawing students, graduates and professionals into the centre, while families are settling in larger numbers in the inner suburbs.
Manchester is continuing to thrive with investments in infrastructure, a growing population and a booming job market.
The city’s property market continues to thrive, with rental demand higher than ever. Fortunately for the residents of Manchester and future tenants, we’re in the process of constructing several new apartment buildings.
If you’re interested in investing in the future of Manchester, get in touch today.