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David Lathwood, lead director at JLL, calls out the key factors that are priming Manchester for expansion
starts with the talent. Having the amenities, bars and restaurants to attract
Manchester’s student population and retain graduates brings the businesses, who
find it easy to grow here, which puts the city on the map for property
discussed Manchester’s ability to attract and retain graduates in my last blog
for TheBusinessDesk but it is a core issue to the virtuous circle – with the
population of young people in the city driving the market for restaurants, bars
and a creative scene and subsequently improving the experience for many more
graduates and students.
can be said for the business community. Now that international businesses are
setting up camp in the city, there’s further reason for this talent to stay
around. Meanwhile, the strong labour pool is driving the ‘northshoring’
phenomenon, which is seeing more large firms looking to Manchester as an
alternative to the capital and South East, given the efficiencies achievable
coupled with the availability of professional talent.
activity to support this is already bulking up – but this is all in the context
of high demand and long-term shortages of commercial office and industrial
space as well as in the residential market, which means investors who are
considering the UK as a destination are set to continue to keep a close eye on
look back in ten years’ time at today’s city there’s little doubt that it will
appear very different. This is obvious considering the impact landmark schemes
like Allied London’s St John’s and Manchester Mayfield are set to have on the
city and when we’re reminded of how Spinningfields has, in a short time, become
a central part of the inner workings of the city.
addition, Manchester’s population is expected to grow by 125,000 to 2.87
million in the next 10 years according to the Office for National Statistics.
This means the city’s residential stock will have to grow by an additional
9,000 homes every year for the next five years, with 18,000 annually for the
North West, to meet this demand.
relatively compact city centre zone, which will begin to broaden to envelope
fringe areas like MediaCity, Oxford Road and Great Ancoats Street, the visible
step change in its built environment will be very obvious.
businesses enter the city, and enjoy the rates of expansion many have witnessed
over recent years, and its talent pool both broadens and deepens, Manchester
will undoubtedly see paced growth in the coming years.
Lead Director - North West
Head of UK Regional Marketing & Communications
+44 (0)161 828 6407