Manchester is now the UK’s second city, for office space
Manchester is second only to
London in the UK when it comes to commercial property, property agent Lambert Smith Hampton has revealed.
The city, traditionally thought to be in competition with Birmingham,
Leeds and
Bristol in England’s city rankings and
Glasgow and Edinburgh in the UK, has jumped ahead when it comes to
office space.
Growth has come as a result of increasing development in the city both internally from Manchester City Council and externally from investment company Midas.
The property agent, which also has an office in Birmingham, removing any motive for bias, said that the most significant factor in the leap was some of the largest construction projects in the city’s history.
It is thought that improved public transport links which have increased the city’s potential and have fuelled the commercial growth.
The report also revealed that the growth had been coupled with a stable demand for office space of 1 million square feet over the last decade, though this fell by approximately a third last year in the recession.
This dip, although concerning, has been put down as an inevitable consequence of the recession given Manchester’s success and status as the largest commercial centre outside London.
He added: “Understandably, Manchester’s predominance as the largest financial and professional services centre outside of London has left it exposed to the downturn and demand has been somewhat subdued as a consequence.”