Manchester beats other UK cities in commercial property investment

Manchester has attracted more commercial property investment than any other city outside London over the last decade, according to new data.

Core Cities, Core Strengths, a new report from property advisory firm CBRE, has revealed that £8.2bn has been ploughed into Manchester’s commercial property market in the last 10 years.

The figures put Manchester ahead of regional neighbour Liverpool (£2.2bn), as well as Sheffield (£2.7bn) and Birmingham (£6.6bn).

While Manchester performed better on a per capita basis than Birmingham, a number of other UK cities, including Leeds, Glasgow and Aberdeen, saw more investment per capita than Manchester and Birmingham.

CBRE’s Manchester-based executive director, Colin Thomasson, said: “Over the last 10 years, Manchester has established itself as a major European city of commerce attracting investment from all over the world. The city boasts unrivalled transport infrastructure, world renowned universities and cultural and sporting facilities which are the envy of the rest of the UK.

“Manchester is set for an exciting time in the years ahead which can only be further strengthened by the recent announcements in respect of the ‘Northern Powerhouse’ and devolution.”

The Core Cities, Core Strengths report also highlighted the strength of Manchester’s financial sector, which employs 250k people and includes 80 of the FTSE 100 companies.

Further, the report drew attention to the city’s status as one of Europe’s biggest centres of higher education, with 100k students studying across five universities.

In total, the 12 cities included in the report drew in £44.4bn in commercial real estate investment since 2005.

CBRE’s head of UK research, Miles Gibson, said: “The UK’s core cities have a unique chance to capitalise on the world’s current desire to have exposure to Britain and its property market.

“It is crucial for the continued success of the UK as a whole that they take it.”

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