We have seen recently that the reason the commercial property market in London is performing so well during these troublesome economic times, is because it has genuine global appeal. London is a authentic world business capital. This reputation has allowed the City to weather the recession relatively unscathed, especially in comparison to the commercial property market in the UK regions.
As a result, cities across the UK have attempted to market themselves to investors outside of the UK and even Europe.
Experts have recently declared that one city which has successfully managed to broaden its global appeal, is Manchester and as a direct result the regions commercial property market to developing.
This declaration is backed up by the news that one of the UKs largest commercial property lettings of the year has recently been completed in the area. Australia based, engineering, sciences and project delivery firm, Sinclair Knight Merz, has agreed to take 18,000 sq ft of office space at the Metro office development in Salford Quays.
The landlord of the commercial property is Dutch construction firm, BAM Properties, again illustrating the global appeal the area is now commanding. Neil Mort, BAM Properties, northern development manager, based in Salford said: ‘It’s great news for Metro and we are delighted to welcome SKM. It is an indication of the more positive outlook which is emerging within the north-west business community and certainly reflects the increase in the number of serious enquiries we have been receiving.’
As discussed previously, the much talked about BBC relocation to Salford Quays, has also played a role in increasing the global appeal of the area.
The Greater Manchester region will now be hoping to use this increased global recognition in order to push the areas commercial property market further forward. The long term goal for Manchester will to be able to seriously compete with the London commercial property market.
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