Manchester has a well-earned reputation as one of the UK’s fastest-growing and most impressive cities. It is at the heart of the Northern Powerhouse project and acts as one of the country’s major engines, with the city seeing business growth of 41% in just five years according to Knight Frank.
The overall Greater Manchester regional economy is growing at 4.3% annually – almost a third faster than the overall UK economy. Within the region, Manchester itself accounts for most of that growth, with the city centre accounting for 10% of all employment in the region and having an economy that will be worth £6bn a year by 2025, according to the latest State of the City report.
More than any other, the Technology, Media and Telecoms (TMT) sector is seeing remarkable growth in Manchester. The future prosperity of a city rests largely on how well it can adapt to new technologies and invest in them effectively, and Manchester is surging ahead of the pack.
The latest figures from Knight Frank show that 34% of all office space taken up in Manchester in 2019 has gone to TMT companies – significantly more than in London. This not only highlights the opportunities on offer outside of the capital, but it also shows that Manchester has become a prime destination for these types of companies by providing the ideal environment for high-tech businesses to thrive.
This is reflected in Tech Nation’s latest Northern Tech 100 League Table which measures the North’s fastest-growing technology companies. The report shows that more than a third of the top 100 best-performing companies in the North can be found either in Manchester city centre or its immediate surroundings. This includes three of the top 10 and more than a quarter of the top 20, with technology giants such as Social Chain leading the way.
What’s more, by positioning itself as a natural home for technology companies, Manchester is ensuring that its impressive business growth will continue into the future.
Darren Mansfield, partner in Knight Frank’s commercial research team, explains the role the technology sector will play in spurring economic growth over the next decade: “The influence of the technology sector on the economic fortunes of the UK continues to grow. Since 2002, the economic output from tech industries has grown significantly, with further upward trajectory forecast for the next 10 years.”
One of the biggest recent arrivals to the city is international online retail giant Amazon, which has taken up residence in the city centre and will create 600 jobs.
Douglas Gurr, UK country manager for Amazon, emphasised Manchester’s history of technological innovation to explain why the company is making such a large investment in the city: “Manchester was at the heart of the industrial revolution and has a fantastic history of innovation, […and] with the UK taking a leading role in the global tech, we are delighted to announce plans to open a new corporate office in the city.”
Gurr continued: “The city offers an incredibly talented workforce and a budding tech scene with some of the most exciting, fast-growing tech companies in the UK situated here.”
With companies like Amazon moving into Manchester, it is no surprise that the city centre population is projected to balloon over the next five years. The City Council estimates that there will be 100,000 people choosing to living in the heart of Manchester by 2025, and it is likely that many of them will be drawn to the city by the high quality jobs on offer in its rapidly growing technology sector.
This will have a knock-on effect and give Manchester’s property market yet another big boost. The huge growth we have seen in recent years will continue – particularly in the city centre where there is already a shortage of the sort of luxury apartments that young professionals demand.
If you are looking to live in Manchester city centre, this is the perfect time to purchase an apartment off-plan and beat the crowds of people who are arriving in greater numbers every year. For more information about our off-plan opportunities, please click here and enquire today.