Crane Surveys 2018
Backed by significant investor confidence, strong business communities and an influx of new talent, the latest Regional Crane Surveys show an unparalleled scale and volume of development.
Belfast, Birmingham, Leeds and Manchester are all enjoying a city skyline dominated by cranes, but which sectors are thriving from this upward trajectory? We take a closer look at the latest results and also crane over Dublin’s development activity for the first time.
Residential on the high rise
Manchester is paving the way as one of Europe’s fastest growing cities with 11,135 residential units under construction across 41 schemes. This represents a 60% increase on the previous year. Developers are not shy of building upwards either, as six residential schemes in the city will exceed 25 storeys upon completion.
Birmingham also maintained a record level of development, accelerating the number of residential schemes starting construction by 30%. While Leeds saw a long-awaited resurgence in this sector, hitting the highest number under construction in a decade.
Building for business
Once again the office sector proved a fertile ground for investment with Manchester and Birmingham both surpassing one million sq. ft currently under construction. Leeds and Belfast also benefitted from investment in this sector with an increase in new office schemes of 67% and 25% respectively.
With activity in this sector affirming developer and occupier confidence, the increasing availability of skilled workers and typically lower operating costs are making the commercial appeal of the regions more apparent.
A raft of new hotel developments in Belfast have helped construction activity in the city centre hit its highest level in a decade, with over 1,000 new hotel rooms currently being built.
Craning over Ireland
In addition to the four UK cities, the crane survey series has embraced Dublin’s development activity for the first time. Ireland’s capital city has over four million sq. ft of office space under construction, as well as 3,528 residential units. As the Irish property market recovers, Dublin is positioning itself strongly as a European capital city and is creating the space to deliver accelerated inward investment.
For more information, please visit the Deloitte Real Estate Regional Crane Surveys page.