Being one of the largest cities in the United Kingdom, the city of Manchester bears a strong portfolio in terms of industry and a population that has already hit the over 2 million mark. One of the strongest indicators of commercial vibrancy is the UK commercial property market.
In the Manchester city a curvy sort of performance has been witnessed between the periods of 1996-1998-2010. In the 1996-2008 period there was a new property boom on the market and the industry recorded an average of 840,000 square feet of the office space annually. The 2008-2009 period saw a major shift towards a downturn performance in Manchester commercial property market which made a slow paced recovery in the year 2010. This is attributable to the global economic recession which hardly spared any sector.
Consequently the banking sector became rather jittery in lending such that companies found it difficult to lay hands on capital for new acquisitions. Some investors also felt that they had enough capital reserves to construct new properties which ultimately translated into a good number of newly built properties either for sale or letting purposes thus a fall in market prices, for new tenants were hard to come by.
On the bright side the city of Manchester is large and dynamic and is never short of opportunities to do commerce. With several large properties housing offices and retail units, in addition the city’s most popular investments made; is in the catering and entertainment segment.
The west side of Manchester is marked by the Trafford Park which aside from being the largest industrial park in the world, is also dotted by a lot of great features that the manufacturing and logistic industries have to offer. It is also home to one of the biggest as well as busiest shopping centre in Europe.
No comments:
Post a Comment