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Impressive economic development in recent years is expected to continue apace throughout 2019, according to experts at recent roundtable event in the city.
Manchester could be on a brink of a significant flurry of new investment over the next few months.
New insight shared at Insider’s Greater Manchester Investment Insights Breakfast on 13th February outlines how experts in Manchester’s economic development believe the city is set to enjoy a significant uplift in investment in 2019, particularly following the outcome of the UK’s EU withdrawal at the end of March.
Tim Newns, Chief Executive of MIDAS, Manchester’s inward investment firm, believes phenomenal growth over the last 12 months, coupled with increased certainty after the UK’s Brexit deadline on March 30th, could lead to increased level of spend from investors in the city.
Citing the announcement that GCHQ, the UK’s central intelligence and security body, will be opening a new state-of-the-art facility in Manchester this year, Newns commented: “GCHQ has the potential to have the same effect, if not more than the BBC’s relocation in my opinion. It’s a global industry with huge growth behind it.”
“I am massively encouraged by the growth and investment we’ve seen over the past 12 months. If certainty starts returning, I think we could see a huge amount of pent up investment coming into the market.”
Newns was joined at the thought leader event by Christian Anderson from Aviva Investors. Commenting on the performance of the city’s commercial real estate sector, Anderson believes institutional investors have been encouraged by occupancy rates in the city, with Manchester remaining an attractive location for future investment.
“Occupationally, I couldn’t be more encouraged. I think that remains strong. If I could have more space tomorrow I would take it. I think we will see that continue.”
It’s expected that property investors in Manchester will achieve the highest capital growth and yield growth in the UK over the next three years, amid huge demand for residential property in the city centre from a young and expanding workforce.