New research from leading property company Jones Lang La Salle has found Manchester to be the 15th biggest real estate investment destination in the world relative to the size of its economy. This is significant enough on its own but the fact that it is placed above Paris, Milan and Beijing makes it an even bigger day for Manchester. On overall investment volume Manchester ranked 46th and was the only UK city outside London in the top 50.
Jones Lang LaSalle's global research team director Rosemary Feenan said that this should confirm Manchester's status as the UK's second city and that 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 added that Manchester should follow the example of Santiago, which is offering entrepreneurs streamlined visa applications and grant funding to set up in its "Chilecon Valley", in order to compete with the US' silicon valley under the US' tough immigration rules.
Feenan went on to highlight the importance of building Manchester's trade links to helping strengthen its position among competing global cities.
"While not a 'world city' in the same class as London - which tops our global rankings by both volume and relative to its GDP – Manchester must foster global visibility in order to continue its ascent.
"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."
David Lathwood, director and head of Jones Lang LaSalle in the North West, said that Manchester must focus on developing its infrastructure and enhancing its quality of life offering if it is to continue growing and maintain its position as top international destination for investment.
He said: "This research carries some important messages for Manchester and its timing couldn't be more critical."
"During these past few years of economic downturn Manchester has demonstrated significant resilience. Now it's time for the city to build on its robust performance so that it can truly capitalise on its potential as the economy begins to move towards growth," he added.
The report comes as part of JLLS' "World Winning Cities" project launched in 2002. The multi-year research project exists to track the performance of competing global cities by examining the trends which affect the business and economic landscape in 300 different destinations.
- Monday 10 December 2012