Commercial mortgage demand could be helped by Manchester growth

05 April 2011

Written by Steve Olejnik

Demand for commercial mortgages may be on the rise in Manchester, after one real estate firm revealed an increase in the number of new-build schemes getting underway in the city.

According to the latest Manchester Crane Survey by Drivers Jonas Deloitte, 11 new projects are underway in 2010, more than double the five that were recorded last year.

Almost half of the builds are taking place in the northern area of the city including initiatives in the Co-op Quarter and the redevelopment of the old Boddington's Brewery site.

However, new developments are still falling short of the 32 that took place in 2007 prior to the recession taking hold and 2011 has brought the lowest level of office space delivery in the 13 years of the Crane Survey being run.

"The lack of new office development provides fertile ground for new opportunities in 18 to 24 months' time," observed senior surveyor at Drivers Jonas Deloitte Adam Robson.

According to the latest Prime Logistics Bulletin from Gerald Eve, demand for retail space is on the rise at present, with rents last year at the highest level for over a decade, Property Week reports.

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