Despite a slowdown in new construction starts, Manchester's building sector remains active, with a focus on residential development and a surge in office openings.
Manchester 's construction boom slowed to its lowest point in a decade last year, according to new figures. The city witnessed only 20 new building projects commencing in 2024, the lowest number in 10 years, as revealed by Deloitte's annual Crane Survey. This marks the third consecutive year of decline in new starts. However, John Cooper, Infrastructure and Real Estate Partner at Deloitte, remains optimistic about the city's development prospects over the next few years.
He stated, 'You only need to look at the Manchester skyline to see how much the city has changed over the last decade, transforming it into a dynamic innovation hub.' Our survey's findings demonstrate that despite ongoing pressures and a decrease in new starts, Manchester's construction sector remains active.'Across Manchester and Salford, 58 developments were underway last year, leading to a 'significant increase' in completed projects, with 27 reaching completion. New housing projects dominated the construction landscape, with 4,448 new properties finished last year, while another 10,788 homes were under construction simultaneously. Over half of the new projects were residential, and with an estimated 9,000 more homes slated for completion in the next two years, analysts predict that 'Manchester is on track to exceed the average annual demand for homes.'Office openings experienced a surge, reaching 1.07 million sq ft, the highest Mancunian total since 2020. Despite this, concerns persist regarding the availability of new office space in the city center in the coming years. Professor Duncan Ivison, Vice-Chancellor of the University of Manchester, emphasized that 'there is more to do' in 'attracting top talent to the city-region and empower them to push the boundaries of discovery and innovation.' The hotel industry also saw growth, with 258 new rooms completed last year, and an additional 1,181 rooms expected to be added by 2028. This expansion will cater to the increasing demand for visits to Manchester, fueled by the opening of Aviva Studios in 2023 and Co-op Live in 2024. Deloitte now estimates Greater Manchester's tourist economy to be worth £8.7 billion, bolstered by the influx of fans attending Manchester City and United matches
CONSTRUCTION MANCHESTER REAL ESTATE HOUSING OFFICE SPACE
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