A lack of quality homes in central Manchester could limit the city’s growth by failing to meet growing worker numbers.
That’s according to analysis from Colliers International which reports that over the next four years almost 11,000 jobs will be created in the Central Business District (CBD).
However, Colliers’ assessment of the occupational and development markets in Manchester reveals that only around 4,000 residential units will be delivered in the CBD or inner ring road of Manchester over the same four-year period.
This supply of new homes falls well short of the numbers of young people forecast to be seeking accommodation in the core of Manchester into the early 2020s.
Alongside the supply question, Colliers’ research has identified the key issues as being the quality and location of the units being provided.
Research of the corporate profile and requirements of employers seeking staff – ranging from technology, media and telecoms (TMT) to healthcare, government, legal, banking and insurance sectors – showed that a ‘high proportion’ of new recruits will be from the millennial and Generation Z age groups.
Michael Hawkins, director of national offices at the Manchester office of Colliers, co-ordinated the research and says it shows the importance of focusing not only on ‘superficial’ headline supply figures, but on evaluation and definition of the quality of the product being supplied.
Hawkins adds: “There are a number of residential schemes being brought forward but because of their micro location, environment, orientation, internal configuration and build quality and interior finish, they will simply not prove to attract lettings and will always struggle to perform.
“Manchester is therefore undersupplied in respect of good quality and well located residential schemes.”
Hawkins qualifiesd those conclusions by stating that the quality of the educated workforce in Manchester has continued to improve, with the city still attracting a wide range of businesses seeking to create jobs for young professionals that require somewhere to live.