Overseas investors have ploughed over £485m into Manchester city centre office blocks last year and the investment just keeps on coming.
International buyers - led by German investors – accounted for more than 66% of all the office deals agreed. This now takes overall international investment in Manchester office space to 72%.
Nick Okell, investment director at Savills Manchester, said: “The UK is an attractive investment destination for global buyers because of our legal system, landlord friendly regulations, standardised market, time zone and culture. The recent Sterling devaluation has made pricing even more attractive for investors whose currency is pegged to the US dollar.”
He continues, “Manchester’s global profile means international demand for commercial property assets in the city looks set to remain strong throughout 2017.”
The positive state of Manchester’s commercial property market further illustrates the city’s position as a major global investment destination and it continues to be the UK’s favourite city, after London, for overseas investors.