North West property market thriving against backdrop of ‘unprecedented political change’
The commercial property market in the North West has continued to thrive despite political and economic uncertainties including those resulting from Brexit.
That’s according to Cushman & Wakefield, which recently presented its Manchester Property Outlook for 2017 and beyond.
Mark Unsworth, head of UK forecasting at Cushman & Wakefield began the event with a keynote presentation on the impact of Brexit on the real estate market.
He revealed that the Manchester property market is set to out-perform both London and the UK as a whole over the coming years.
“Manchester’s university educated workforce, its technology sector and its transport connections all combine to mean that the city and region are well placed economically, despite a potential slowing of growth due to current uncertainties,” said Unsworth.
This was followed by a discussion on future trends, including the disruptions expected as a result of approaching technological change.
Richard Pickering, head of futures strategy at Cushman & Wakefield, said: “We are on the cusp of major economic change driven by new technologies. This will create risks for property markets but the best opportunities will come to those prepared to lead change.”
Bruce Poizer, head of capital markets at Cushman & Wakefield in Manchester, explored activity and trends closer to home.
“In the next period, we expect to see increasing interest in foreign investment in Manchester, especially from Asia. There is also even greater confidence in “alternative” property investment opportunities, including the Private Rented Sector, healthcare and leisure sectors,” he said.
Finally, John Keyes, head of the Manchester office at Cushman & Wakefield, said: “This has become an established event in our calendar and was again very well attended. I hope the speakers gave our clients and guests food for thought.
“It is very positive to hear how well placed the Manchester and North West property markets are. But the city and region needs to continue to embrace political, economic and technological changes. The depth of our public-private partnerships makes me confident we can succeed in turning change into opportunity.”