Buoyant construction pipelines across northern cities

Buoyant construction pipelines across northern cities

New figures from Deloitte reveal that construction pipelines are significantly increasing in major northern cities such as Manchester, Leeds and Birmingham with the pace of construction being driven by ongoing investments in the residential and hospitality sectors.

In Birmingham alone, there are over 4,000 residential properties under construction and 1.4 million square feet of commercial office space. In addition, the creation of new PBSA (Purpose-Built Student Accommodation) across the city is also increasing rapidly with over 30% uplift in bed spaces in 2017 (over 1,300). Hotel bed completion rates also exceeded 330 last year – making it the best annual performance for Birmingham since 2013.

Meanwhile, Leeds is also benefiting from a buoyant construction pipeline. The city recorded the highest level of residential growth since 2008 (1,586) last year and the highest number of hotel beds (385) since records were taken.

However, Manchester tops the lot. Deloitte’s figures show that there are over 11,000 residential properties currently under construction across the city – a staggering 60% uplift in residential sector output during 2017.

In addition, Manchester’ s retail and leisure industries have seen a four-fold increase in delivered space in 2017 (62,557 square feet).

Northern markets are delivering impressive returns in the residential and hospitality sectors currently, so there’s plenty for investors to get excited about.