Living for the city Manchester Crane Survey January 2018
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Contents
The report 02 Key findings 03 Manchester development snapshot 04 1. Residential 05 2. Office 09 3. Hotel, retail and leisure 12 4. Education, research and healthcare 14 5. Development table 17 6. Contacts 26 Endnotes 27 Living for the city | Manchester Crane Survey January 2018
The report
What? A report that measures the volume of development taking place across central Manchester and its impact. Property types include: •• Residential; •• Office; •• Leisure, retail and hotels; and •• Education and research facilities.
Where? Central Manchester and Salford.
Who? Developers building new schemes or undertaking significant refurbishments of office buildings of the following size: •• Office > 10,000 sq ft •• Retail and leisure > 10,000 sq ft •• Education and research > 10,000 sq ft •• Residential > 25 units •• Hotel > 35 rooms
When? Research for the Crane Survey was recorded between 13 January 2017 and 12 January 2018.
How? Our in house real estate team has monitored construction and pipeline development across the city and has carried out field research. Our field research is then verified with direct industry links and in-house intelligence.
02 Living for the city | Manchester Crane Survey January 2018
Key findings
Manchester Crane Survey results Outlook
11,135 residential units currently Manchester will remain an attractive under construction. Exceeds 2017 prospect for international investment, levels by 4,172 units. despite increasing competition for sites.
1,784 residential units were completed in 2017 – Shift towards for sale residential schemes the highest level since 2009 (2,053). and further diversity of residential product in terms of house and apartment typology.
Construction commenced on Inflation and wage growth stagnation in 2017. 32 new schemes continue to impact retail and leisure sectors.
1,509,096 sq.ft of office floorspace completed in 2017, Manchester office Growth in the residential sector will market headline rents remain at stabilise as increasing numbers of units £33.50 per sq.ft despite suggestions of complete, gaining traction to resolve ashortage of Grade A space. the significantlevel of undersupply.
Pre-lets are down, on new starts with As major Grade A space progresses only 3.6% of space under construction in 2018, office pre-lets to increase. pre-let, suggesting the return of the speculative office scheme.
2.4x increase in the level of retail and Regeneration projects will continue commercial units under construction, a result to drive delivery in Salford Central, of the large number of residential-led, mixed NOMA, New Cross, St John’s and use schemes coming forward. Circle Square.
03 Living for the city | Manchester Crane Survey January 2018
Manchester development snapshot
Which sectors are the ost active (Nu ber of sche es under construction)
41 es ent a
11 Office