Manchester property market will stabilise within five years

26/05/2009

The commercial property market in Manchester is to stabilise within the next five years, an expert has suggested.

Making his comments at a GVA Grimley seminar in the Lowry Hotel in Salford recently, Patrick Morrissey, leader of corporate consultancy at the firm, said that although there will not be a return to the "heady days" of three to five years ago, the market will become more resilient, Crain's Manchester Business reports.

He added: "Manchester has benefited from a good relationship between the public and private sector over its commercial property strategy and has good civic leadership."

Mr Morrissey claimed that the manner in which the north-west city's development has been conducted has been more controlled that in other markets.

He also stated that the effects of the economic downturn have not been as severe in Manchester as in London and the south-east.

Claiming to have achieved a profit of £31.7 million in 2006-07, GVA Grimley is a property consultancy firm which provides services to owners, occupiers, investors and developers.
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