Deloitte Crane Survey: Added boost for Manchester's Q3 construction figures
23 October 2014
The North West office of Deloitte Real Estate has released the latest figures from its annual Crane Survey, which this year charts the continued upward trajectory of the Manchester property market.
Two years after the official end of the UK recession, Q3 2014 is displaying strong signs of recovery thanks to large-scale infrastructure investment coupled with the ongoing stabilisation of the regional and wider economy.
The boost in construction activity recorded in the 2013 survey has been consistent throughout 2014, with some high profile completions including One St Peters Square and the Central Library and Town Hall Refurbishment in Manchester city centre, and new activity focused in the Salford Fringe area and the City Core of Manchester.
A total of thirteen major schemes have completed since last year’s survey, which together delivered:
- 320,000 sq ft of office space across four buildings
- 390,000 sq ft of education and research facilities
- One hotel
- 212 residential units
- 1,457 student bed spaces
The refurbishment of the Central Library and Town Hall.
Michele Steel, Head of Deloitte Real Estate North West, said: “The strong results of last year’s Crane Survey have paved the way for a new wave of development activity across the city centre this year.
“With investment activity at record levels, international investment firing into the local economy, and a clear vision to bring the key northern cities together into one economic powerhouse, 2014 has seen continued evidence of the strength of the Manchester market.”
Solid completion levels follow from 2013, which saw the highest number of new construction starts since 2008, and total projects now under construction are 10% higher than in 2013. A sustained picture of growth has been bolstered by expected pre-election investment to the One North initiative as well as the ongoing stabilisation of the UK economy.
An additional £476.7m in government funding as part of the Growth Deal is also expected to inject further growth into northern cities.
Notes to editors
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.
Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTTL and its member firms.
The information contained in this press release is correct at the time of going to press.
Member of Deloitte Touche Tohmatsu Limited