Construction is routinely looked to as a marker for the economic health of a city or region. Deloitte Real Estate Regional Crane Surveys highlight this link between development and prosperity, examining the external influences and key market drivers of city centre construction.
Deloitte’s Manchester Survey shows significant growth for a second year in the city with 20 major residential projects and six major office schemes starting in 2017.
Sustained strong growth means Manchester is enjoying a 60% jump in residential and 75% hike in office projects now under construction.
Deloitte also reported strong growth in Birmingham and Leeds where developers’ confidence for city centre residential development remains strong.
Several significant Manchester schemes are likely to commence in 2018 including major residential developments as part of the St. John’s master plan, residential blocks at Circle Square, further activity from Manchester Life Development Company in Ancoats and New Islington and work on Angel Meadow, which forms part of the Northern Gateway project.
Birmingham saw 24 major construction starts last year. This was again driven by the boom in city residential developments, up nearly a third to 13 schemes delivering 2,500 new units in 2018 alone.
In Leeds, residential construction across the city centre hit its highest level in a decade – 1,586 units across five development sites.
Leeds continues to deliver good volumes of new office space with three new construction starts in 2017, including another steel-framed office block at the Wellington Place development.
Belfast has undoubtedly seen a sustained momentum and level of ambition with construction across the city, despite macro forces in play such as Brexit and the lack of an executive at Stormont.
See : Deloitte Regional Crane Surveys