Manchester is having a real boom in commercial real estate development and investment. It has been reported that as of 2018, there are 23,845 businesses in the city, a 58% rise from 15,060 in 2014.
Office take-up is at a record level with the final figure for 2018 reaching 1.75m sq ft across 314 transactions. This is well above the 10-year average and considerably higher than the previous record of 1.3m sq ft set in 2014.
It is clear businesses are flocking to the city with significant demand for office space. The demand is driving development with a sea of cranes across the city ready to change the skyline as we know it! Some big projects include:
St Michael’s is a mixed-use redevelopment project spearheaded by Gary Neville and Ryan Giggs. The development will include a luxury five-star hotel and 190 apartments in a tower reaching more than 30 storeys. There will also be 148,000 sq ft of office space, 33,000 sq ft of leisure space, an outdoor roof terrace and a public square at the front.
The £200m development on Jackson’s row is expected to deliver 1,500 jobs, more than £80m in GVA to the local economy and £147m in government tax revenues over ten years. Construction is anticipated to start this year with a lead time of two years.
Tonkin liu has designed a stainless-steel structure to take space outside the former GMex building. The tower is planned to be 40 meters tall, working as part of a system to generate power in a more environmentally-friendly way to buildings in the city.
Given the detail of the architect’s design, along with being an efficient power source, the sculpture is expected to be a structural landmark for the city.
St Johns is a new mixed-use development in Manchester, creating a neighbourhood centred on the Old Granada Studios complex. Once completed, the development will contain 320 hotel bedrooms, 560,000 sq ft of workspace, 240,000 sq ft of retail space and 13 acres of public realm.
Allied London and contractor Lendlease plan to create a modern, vibrant community hub and has already attracted technology giant, Booking.com, taking 220,000 sq ft at the Manchester Goods Yard buildings.
“We want to build a proud new cultural community for Manchester, we want to make a lasting difference, we want to do it in principled ways, we want to involve as many positive voices as we can, and we want to do it well.” Michael Ingall, Chief Executive, Allied London
Circle Square is a city centre neighbourhood development in the heart of Manchester comprising of 1.2m sq ft of commercial office space, 1,700 new homes, 100,000 sq ft of retail and leisure space, a multi-storey car park and two hotels.
The joint venture between Bruntwood and Select Property Group will occupy the space adjacent to Manchester Technology Centre and is being delivered in three phases, two of which to be completed before 2020.
In September last year, Allied London started work on Manchester’s grade two star-listed London Road Fire Station. The building is undergoing a massive restoration and redevelopment project to deliver space for working, living and socialising.
The building has beautiful detail and history which will be revived to deliver workspace, living, and retail and leisure experiences:
These are just a mere few of the developments under-construction across Manchester. It really is an exciting time for the sector and the city, there is an abundance of activity transforming and adding to the offering, culture and future opportunities!