The world’s biggest cities are at the centre of the global economy, see the most investment and deliver the best quality of life. The likes of London, New York, Beijing, Paris, Tokyo and Singapore regularly top the rankings – and Manchester is on the path to joining them according to reports from JLL and Manchester City Council over the course of 2019.
The latest Demand and Disruption in Global Cities report looks at how global cities are evolving and uses 500 different measurements to determine which cities are best placed to attract further investment and sustain their growth into the future.
Whilst the same cities generally remain at the top of the rankings, a number of smaller cities are growing rapidly and becoming more specialised, making them likely to enter the ranks of “world cities” in the coming years.
According to JLL, Manchester’s overall performance has now surpassed other contenders including Auckland, Brisbane and Tel Aviv, and this improvement can be put down to a combination of factors. An extremely strong higher education sector, the relative affordability of housing compared to London, an increasingly impressive cultural scene and a growing recognition that it is now the UK’s second business hub are all playing a major role in catapulting Manchester up the rankings.
This is reflected in Manchester’s own State of the City Report 2019 which sets out how the city will firmly establish itself as a world-class city by 2025 by reinforcing its natural strengths with a full programme of investment.
Some of the most noteworthy points from the report are that the city centre population is projected to grow by 5,000 people a year, and the economy is growing 4.3% annually compared to 3.6% for the UK as a whole – both a testament to the city’s strength and future potential.
For our full article on this report, please click here.
For Manchester to meet these expectations it is vital that it innovates continually and retains the best talent. Thankfully, as shown in JLL’s Innovation Geographies 2019 report, Manchester is punching well above its weight in this regard, ranking 44th in the world for talent retention.
Whereas “London has long been a magnet for the best talent,” according to Sue Asprey Price, head of UK corporate services at JLL, “other UK cities are catching up fast.”
Chief among these is Manchester, and this bodes well for the future of the city given the strong correlation between talent, innovation and investment.
Jon Neale, head of UK research at JLL said of the findings: “UK cities outside London are increasingly talent-rich, and this is evident in how much the economy of cities such as Manchester […] have improved in recent years.”
Neale continued, saying that further investment into infrastructure and developing Manchester could turn it into a “world-class innovation centre which can compete with continental hubs such as Munich or Amsterdam.”
And, of course, as Manchester continues its ascent into the ranks of the world’s best cities, the city’s property market will continue to boom. More investment and business will cause the population to spike, and as more and more people move to the city the demand for property will only increase – particularly in the popular city centre market which is set to see the sharpest growth. Huge pressure will be put on the housing stock, and prices will rise accordingly as available properties become scarcer
However, one way to sidestep the crowds and purchase your perfect Manchester city centre apartment is to buy off-plan. To find out more about our latest residential opportunities in Manchester, please click here.