Construction is routinely looked to as a marker for the economic health of a city or region. Our Real Estate Regional Crane Surveys highlight this link between development and prosperity, examining the external influences and key market drivers of city centre construction.
The Evolving City
Belfast is seeing some significant projects progressing. Belfast Grand Central Station will open to passengers before the end of 2024 and a large scale residential project is underway in the Titanic Quarter. Pipelines for hotels, purpose built student accommodation and residential look healthy indicating confidence in the city. A new vision for the waterfront has been positively received, and has potential to unlock further housing and commercial development adjacent to the river.
Still open for business
Birmingham has proved that it is still very much open for business despite the challenges it has faced in 2023. The construction industry has shown resilience in the face of adversity, and the city is maintaining a strong trajectory of development and growth. The survey data reveals a promising portrait of development activity across the last year, particularly in the residential and office sectors. The report derives key trends from the data to reveal what the future may hold for the city and the wider West Midlands.
Momentum Continues
Leeds showcases record breaking activity across the office and student sectors as well as sustained strong residential delivery to create a critical mass of city centre living. The impacts of significant city connectivity and public realm investments are being realised that will assist in providing a more connected and accessible city region. The city’s anchor institutions and innovative culture are affording opportunities for the future inclusive growth of Leeds.
Rising to the Challenge
Manchester and Salford have witnessed a remarkable period of growth over the past decade. Against this backdrop, and notwithstanding frequently reported macroeconomic and geopolitical challenges, this year’s Crane Survey results illustrate a continuing healthy performance. ESG and sustainability remain right at the top of the agenda, with office refurbishments dominating this sector. The pipeline for activity in 2024 and 2025 is strong for the office, residential and hotel sectors, whilst record levels of student bedspaces under construction provides a welcome step change for the two cities.
Contacts
Simon Bedford
Partner, Real Assets Advisory - Development
+44 (0)161 455 6484
Email Simon View profile
