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Manchester is biggest commercial property market outside London

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Manchester is biggest commercial property market outside London

Greater Manchester has become the largest commercial property market outside of the capital city, according to New Economy.

Following research carried out by the think tank, which estimated that office take-up in Manchester will be around 850,000 sq ft by the end of 2013, analysts have suggested that the northern city will be leading the way for the sector.

Economic and business activity has been so rife in the region that Bank of England governor Sir Mervyn King recently suggested that Manchester has a very exciting future.

Alexander Roy, head of economic research at New Economy, said: “That Manchester remains the largest commercial property market outside of London only serves to strengthen the city’s reputation and gives more substance to endorsements about the city by opinion leaders such as Sir Mervyn King."

The report further stated that with crime falling by 10.6 per cent in the last year and average house prices also falling by 3.5 per cent, for the 29th month in a row, these factors were adding to the attractiveness of Manchester for investors. Other great signs was a rise in hotel occupancy, and passenger traffic increasing at Manchester Airport. The latter in particular is set to rise further, with the airport expecting 20 million passengers by the end of 2013.

One big development set for the year is the £250 million warehouse scheme at the Cutacre site across Wigan, Bolton and Salford. Not only will this potentially create up to 5,000 jobs for the local area but it will increase the city's stock by one million sq ft. There will also be some Co-op markets that will move to Angel Square in the next few months, which will be sure to attract potential investors.


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