The Deloitte Crane Survey is in it’s 16th year and shows unparalleled growth in residential development, office refurbishment, hotel construction and education developments.
22 new residential schemes are under construction in Manchester contrasting with the last peak count of 14 in 2008. That means 6,963 residential units will be built this year compared with 2,982 in 2016.
In his interview with Manchester Evening News, Simon Bedford, partner and head of Deloitte Real Estate in the North West, said: “Deloitte’s construction pipeline monitors residential development through to 2020 and shows a number of exciting schemes set to evolve the city’s skyline. Four towers over 25 storeys high have begun construction, marking a new, exciting era for housing in Manchester. One of which, Owen Street, is set to become the highest residential building in the UK.”
The growing trend for office refurbishment means 8 out of the 9 new starts this year are refurbishments. The demand for office space in Manchester and Salford grows with the construction pipeline for 2017 set to provide 1.4 million sq ft of floorspace 12% of which is pre-let.
The Hotel sector is also meeting the growing demand of tourism with a further 1,040 rooms currently under construction in Manchester in addition to the 338 completed in 2016. This year expects to see the largest delivery of hotel rooms since data collection started in 2006.
Simon Bedford’s analysis of the overall forecast for construction in Manchester and Salford is one of opportunity and confidence: “Our latest crane survey results are a reflection of Manchester’s growth and resurgence. The weakening of sterling and boost of international connectivity via Manchester Airport is also set to provide a fertile environment for potential investors, while the universities are likely to continue delivering further schemes in 2017 as part of strategic repositioning and expansion.”
“Construction activity has not just matched those of 2007, it has completely blown those figures out of the water, demonstrating unparalleled scale and volume of development. While we cannot be certain how these factors will continue to manifest themselves in the years ahead, there is real cause for optimism and Manchester competing as a global city.”
Original Story by Shelina Begum, GM Business Week 31/01/17
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