Manchester has been ranked as one of the world's top 20 real estate investment spots by Jones Lang LaSalle. The accolade was awarded based on the relative size of the city's economy and the pleasing figures have landed Manchester in 15th place. This is above the ranking of other major global destinations, including Paris, Beijing and Milan.
When total volume of investment overall is taken into account, Manchester comes 46th but is the only UK city, other than London, to come within the top 50 global destinations. According to Rosemary Feenan, director at Jones Lang LaSalle's global research team and leader of the study, this means that Manchester must now look beyond the debate over its status as the UK's second city.
"Manchester's future will be dictated more by what it does to compete with other international cities such as Lyon, Boston or Vancouver, rather than other UK cities," she said. "An interesting real-life lesson can be seen in Latin America where Santiago's so-called 'Chilecon Valley' is trying to exploit the US' tough immigration rules with streamlined visa applications and grant funding to establish a rival destination for tech-entrepreneurs to California's Silicon Valley."
To compete on a global scale, Manchester must work to improve its trade links internationally. This will help to continue its ascent and help it to become a 'world city' in the future. "Trade alliances and the opportunities for its businesses in both emerging economies and established global economic superpowers like China will be vital to attracting future investment," Ms Feenan stated.
David Lathwood, director and head of Jones Lang LaSalle in the North West, agrees, stating that Manchester now has a responsibility to develop infrastructure and enhance quality of life if it wants to continue to grow and attract further investment. He stressed that the results of the study should not be an excuse for the city to rest on its laurels, but instead spur it forward, as it shows that change is needed if Manchester hopes to remain globally competitive.
- Monday 03 December 2012