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Manchester, as we know, is a thriving, growing, city.
Source: JLL, 2022
Manchester is the UK’s second city and the main driver of the UK Government’s ‘Northern Powerhouse’ and ‘Leveling-Up’ initiative.
It is the largest and fastest growing regional centre in the UK, generating wealth equal to that of Leeds, Liverpool and Sheffield combined.
The City is recognised as the economic and cultural capital of the North of England. In 2021 Manchester was named the 3rd best city in the world in by Time Out Magazine.
Greater Manchester is home to a population of 2.835 million with a Gross Added Value (GVA) of £56 billion which reflects c. 3% of the UK’s total GVA.
The workforce, of which 65% are under 45 years old, has excellent language, technical and customer service skills.
Manchester’s population has increased by twice the average UK growth rate over the last decade – and is forecast to grow by a further 10% by 2025, according to Manchester City Council.
Over 7.2 million people live within an hour’s drive of the city.
Manchester city centre has advanced at a strong rate for the past five years, primarily due to strong civic leadership, continued investment in transport infrastructure and the consistent high level of graduate retention.
The Manchester economy is forecast to grow by 14.49% between 2022 – 2026.
Science, R&D, Cultural, Creative and Digital sectors are expected to experience the most rapid levels of growth, expanding by over 30% by 2027.
As the UK’s second largest creative, digital and tech hub, Manchester has a thriving community of businesses.
From start-ups and home-grown companies that IPO above $1 billion (AO.com, THG and Boohoo), to global players such as AWS, BBC, Google, IBM, Cisco and GCHQ.
Over 80 of the FTSE 100 have a presence in Manchester and it is the UK headquarters for major UK corporates such as Kellogg’s, Talk Talk, The Cooperative Group, JD Sports and Adidas.
Manchester is home to 5 Unicorn Tech Companies.
Other high profile inward occupiers notably include Amazon’s new R&D function at NOMA, Hewlett Packard and Roku at Circle Square, and Booking.com and Cloud Imperium Games at Enterprise City.
The UK Government has recently established GCHQ in the city centre.
The UK Regional office investment market rebounded in 2021 and recorded over £1.8 billion transacted in the Big 6 cities. A 75% increase on 2020.
Manchester recorded the highest volumes with circa £707 million, up 142% from £292 million in 2020 and above the 5 year average of £577 million. The City accounted for 39% of all deals in the Big 6 office locations.
Prime yields moved in 25 Bps during 2021 to 4.5%.
The total office stock in the city centre of Manchester is approximately 24.3 million ft².
Vacancy rates for Manchester offices are 5.9%. Grade A vacancy rate is 5.4%.
Grade A accommodation take up for 2021 was 752,000 ft², reflecting 68% of take up across 71 deals which was well above the 5 year average.
50% of the total take up achieved a rent in excess of £30 per ft² a significant increase in comparison to 23%.
As at Q1 2022 there is in excess of 1.25 million ft² of known active occupier requirements seeking Grade A accommodation in Manchester City Centre.
Market Street has the highest footfall in Manchester and accounts for 30.4% of the total.
Typically it has circa 350,000 visitors per month and attracted over 250,000 per month in November and December 2021 (an increase of 53% year on year).
Manchester is the 3rd most visited city in the UK and is home to both Manchester United and Manchester City who both have a huge domestic and oversea fan base.
The city’s A0 Arena has the highest seating capacity of any indoor venue in the United Kingdom, and the third largest in Europe with a capacity of 21,000.
The hotel market is well established and currently offers 145 hotels with approximately 17,733 bedrooms.
61% of all rooms are affiliated with a brand or hotel chain.
The serviced apartment sector only accounts for 9.5% of all bedrooms in Manchester and is therefore provides strong operational growth opportunities.
Manchester is home to the UK’s largest university and one of Europe’s largest student population.
100,000 students live and study within Manchester, 25% of which are international students.
The city also benefits from a high graduate retention rate of 65%, second only to London, providing a continuous supply of skilled labour and constantly encourages innovation in the science, R&D and cultural sectors.
Source: JLL, 2022