Manchester development surges

Drivers Jonas Deloitte has recorded a surge in new development activity since 2010 in its 2011 Manchester Crane Survey, although new starts still remain well below the pre-recession peak of 32 in 2007.

Four new schemes are under way around the city’s northern fringe including the redevelopment of the former Boddington’s Brewery site as well as within the £800m NOMA regeneration area – the emerging Co-op Quarter.

The Crane Survey records the lowest level of office delivery in its 13 year history in 2011 with vacancy rates in those buildings completed in the last 12 months standing at 25 percent, leading to little speculative office development this year.

However, following the highest take-up levels in Manchester’s history in 2010 and a lack of new schemes coming forward in 2011, Drivers Jonas Deloitte says a future shortfall of Grade A space is a real possibility with some developers currently scoping opportunities behind the scenes.