John Walley, partner at Drivers Jonas , said the current uncertainty, sparked by the credit crunch in the US, which affected all aspects of the economy, particularly the residential property sector, was being exacerbated by higher raw material and energy costs.
He said: "This is the first time in the last 10 years that there are any questions. The issue is largely financial, and it has had an impact on development and particularly the residential sector."
Mr Walley said that while Manchester could not expect to be immune from national and international factors, the overall picture was far from gloomy.
The headline finding of the Crane Survey Manchester for the first quarter of this year was: "The shockwaves of the credit crunch have triggered unease in the UK's property markets.
"However, spurred by prospects of strong economic growth in the medium-to-long term, development activity in Manchester is continuing, with some 35 cranes on its city skyline."
The survey found fewer development starts, as a result of uncertainty in the market place. In the last 12 months, works commenced on 19 major projects, compared with 32 development starts in 2006, and the annual average for the last five years of 27.
Economic downturns
Mr Walley said that, unlike previous economic downturns, the situation now was more positive because of high levels of employment and relatively low inflation.
Despite the uncertain outlook, his colleague John Adams said there were a `number of reasons to be cheerful'.
He said: "There have been significant changes to property and economic markets, but relative to other cities, while not immune from global factors, Manchester's resilience will help it maintain its great urban renaissance."
Reasons to be bullish about the city's prospects included the strength of its knowledge base, the `unprecedented level of public-private partnership', `exceptional' civic leadership, public sector investment on bio-medical research, the expected boost to the creative industries which the launch of mediacity:uk and the BBC relocation would bring, and the economic benefits of Manchester Airport.
He said: "These factors really do give Manchester the edge over other cities in the UK."
The report concludes: "At present the Made In Manchester theme is strong, and there is a real sense of passion for the city and confidence in its future, which is especially important at the moment, given that the next 12 to 18 months will be a challenging period for its office and residental markets."
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Quays Mark, Salford Quays (14/04/2008 at 10:35)
The site now consists of 12 cranes with a reported 8 more on the way (13th crane base in place). Most of the concrete cores of the new BBC building look to be in place or started, rising to 9-10 storeys (maybe more) for the highest cores. The cores are currently being surrounded by concrete pillars up to 6-7 storeys currently. There are upto 400 workers on site currently with a proposed 1000+ to be posted eventually with 20 cranes in all (according to unconfirmed reports from workers on-site).
The land for the taller buildings off to the side of the main BBC building (right from the Lowry Centre side) is still being dug and prepared but more temporary cabins are in place off Broadway (the road that runs through the back of the Quays) presumably to house more MediaCity:UK project staff and a contingent of the BBC (cameramen) looking at the latest articles across the internet.
The current phase of the build occupies 35-40 acres (next to the City Lofts flats) with other phases planned across the water on the Imperial War Museum side.
The overall site is something of the order of 200 acres but no visible signs of development has started outside the main phase 1 area currently. No doubt this will depend on discussions with other media companies being persuaded to join the MediaCity:UK estate.
For a photographic timeline for December / February and beyond (and pictures back to May of last year), go to Google and search on ‘BBC Salford Quays Approved - Media City : UK whitfield’ in Google or goto ‘www.mawhitfield.co.uk/mcuk.htm’.
Judging be the pace of the development, there is a big push on to meet the 2010/11 date for the first phase completion.
Those currently thinking about a career in the media by way of a chosen degree (media studies, photography etc.) might be one of the 15,500 new jobs to be created between now and 2011 in the first phase of this build. Also, the price of properties (and especially flats) in the area will almost certainly rise as a result of the considerable development occuring in this location with new flats being built currently.
I have worked as an IT Manager in Salford Quays for 12 years and live in North Bolton. When I first came here, the skyline of the Quays area was relatively flat but now houses such buildings as The Designer Outlet (80 outlet stores), The iconic Lowry and Imperial War Museum Buildings and new flat developments which continue to be built in anticipation of the BBC move and general growth in this area.
Hope this update helps.