Manchester was once a town dependent on the textile industry only. For the past several years it has diversified its economy by expanding its industry including manufacturing, service, wholesale and retail, and the information industry. Why establish a business Manchester?
City of Manchester: Why there is need of more commercial property
In North of Boston, Manchester is considered to be a major financial and insurance centre making it be the host of one of the largest commercial institutions in Britain. The demand for commercial property has been on a roll influenced by factors such as indigenous demand, an economy that focuses on and supports local growth of industries. The expansion of industries implies there is more demand for commercial property especially the Grade A office space, Grade B and Grade C rentals.
Moreover, the number of students enrolling each year in universities located in Manchester is also on the rise providing the investors and entrepreneurs with an opportunity to take advantage of that. Furthermore, with the support of the Manchester Economic Development Office (MEDO) which is an initiative by the City of Manchester investors who want to expand or start up a business can get assistance.
Increasing demand for office space and rentals
It is estimated that in the next decade, Manchester will experience a rise in local industrial growth with the largest increase being seen in technology, professional and scientific industries. The Expansion simply means that there will be an increase in demand for mid-priced office space especially the Grade A.
The demand for Grade A office is so high and has an effect on the Grade B rentals whereby it is pushing their values up. Shortages of all grades of commercial property are emerging especially when looking for affordable ones. Office demand since 2016 has been estimated to be 71% in the region for spaces that can be regarded as requesting £25 per sqft which is considered a fair price. The supply of such offices stands at 59% giving a room for major investment.
Factors contributing to commercial property growth in Manchester
The increased economic growth and student population in Manchester are not the only factors that have caused an increase in the need for more office and rental space. Within the city of Manchester major businesses are being established as a result of discounted professional services by major renowned companies such as:
- Accounting and consultancy
- Intellectual property advice
- Legal property advice
- Support in PR and marketing
- Reduced rates at restaurants
An increase in businesses and local industrial growth in this region has led to an increase in office space required by these companies and rentals for their workers. So, getting a good commercial property requires the services of a good commercial agency and you can View Properties For Sale and find your ideal commercial property Manchester.
Manchester is a distribution centre, a well-connected city and only two hours from London when using a train. It has world-class universities and excellent transport links. Moreover, it has the largest airport in the UK outside the city and therefore has been an area that attracts local and foreign investors in addition to the increasing stream of talented students and graduates. Commercial Property for sale is one of the most thriving business in the region with the demand ever increasing, making it an area worth of investing. View properties for sale in Manchester now.