Construction is a high cost, high risk, long-term activity and
is routinely looked to as a marker for the economic health of a
city or region. Our Real Estate Regional Crane Surveys highlight
this link between development and prosperity, examining the
external influences and key market drivers of city centre
Manchester and Leeds each have their individual story of
transformation and investment . Developer confidence and momentum
has been building in the regional cities, pushing schemes upwards
and outwards. Spurred on by this upturn in sentiment, how has this
translated across these Northern cities and their submarkets?
The rise of city centre living
Manchester is flying the flag for city-living with a record 22
residential projects breaking ground on site last year. The city is
scheduled to deliver nearly 7,000 units to the market. The Northern
Powerhouse's skyline continues to evolve with the addition of
four residential towers over 25 storeys, all now under
construction. This includes the UK's tallest residential tower,
marking a new era for the Manchester housing market.
Building for business
Developers are feeling confident. Once again the office sector
has proved a fertile ground for investment. Leeds saw record levels
of activity, delivering the highest volume since 2007, over 713,000
sq ft of space. In Manchester, the research identified a
trend for landlords and developers to maximise their existing
assets in the light of a rapidly expanding business
community with eight out of the nine new office starts
The visitor economy
Retail was king in Leeds. The delivery of new shopping areas
doubled the average annual total of retail space with nearly
600,000 sq ft brought forward in 2016. The hotel sector is also
benefiting from substantial investment as each city broadens and
diversifies their tourist offer. Leeds witnessed the most hotel
starts in 10 years and Manchester is adding to the 338 rooms
delivered in 2016 with a further 1,040 rooms currently under
construction across the city. The research suggests that 2017
will see the largest delivery of hotel rooms since data collection
for this sector started in 2006.
Growth and resurgence in the North
The results of the crane surveys represent an unparalleled scale
and volume of development not seen in the last decade. Sentiment
towards city centre development is buoyant across each of the key
sectors. This upward trajectory is expected to continue with
development pipelines in some places extending to 2020. Across the
board, investment and development has delivered real transformation
to the skyline and landscape of our regional cities.
For further commentary and to download the report, please
The choice of procurement route is vitally important to the success of any construction project. A number of different procurement routes exist but what are the essential ingredients of each and what are their relative advantages and disadvantages? This article discusses the differences between two of those procurement routes: general contracting and design and build.
Bonds, guarantees, performance security or whatever they are called form an important part of every major international contract. Despite this, there are a regular number of cases, in many different jurisdictions, where the courts are asked to decide what the nature of the particular project security actually is.
For well over a hundred years it has been standard practice for contract administrators to be used on construction contracts. Architects have been engaged to supervise and manage building contracts and engineers engineering contracts. More recently, project managers and construction managers have undertaken similar roles under new forms of contract.
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