Expectations are high for the North West, despite wider headwinds.
Paul Firth, head of real estate at law firm Brabners, says the area should be on track to see 20% growth in the investment market in the next four years, led by growing interest from US and Chinese investors.
Manchester Airport and Peel’s Port of Liverpool are likely to play a growing role on both a national and international level given the UK’s new focus on wider trading relations, he adds.
However, James Porteous, capital markets director at JLL Manchester, expects none of the city’s ultra-prime buildings to change hands in 2019.
“The market currently benefits landlords, with demand from commercial occupiers putting upward pressure on rents. As a result, many investors have their hearts set on Manchester. But to snag a prime city centre office building, they’ll need to put in record-breaking bids,” he says.
On the occupational side, Manchester delivered another record year thanks to major global occupiers entering the city, including Amazon, Booking.com, Jaguar Land Rover and The Hut Group.
Dominic Pozzoni, director of national offices at Colliers International Manchester, says he expects that momentum to continue in 2019 and for other corporate occupiers of that scale to enter the city.
“Over the years and on several occasions, Manchester has proven to be a resilient and forward-thinking city, full of talent, creativity and ambition. This approach will continue into 2019 regardless of the Brexit outcome and be for the better of the city and the wider region,” he says.
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