Manchester’s TMT sector could double in size to 25% of the local economy, and see it rival London’s tech dominance.
Speaking at the Liverpool and Manchester Property Forum this morning, Bruntwood director Colin Sinclair said: “TMT is 13% of the Manchester market. In London it is 28% and chasing New York. TMT could be a quarter of the Manchester market.”
The BBC’s broadcast presence in Manchester and the lower cost of skilled labour in the North West would help fuel growth.
“With the talent cost saving of about 30%, why would you have everybody in London?” Sinclair asked.
The secretive Project Digital, which is seeking as much as 188,000 sq ft in 20 locations across Manchester and up to 1m sq ft in London, will also cause a short-term boost. Further details are expected to emerge in the coming weeks.
Argent senior partner David Partridge played down comparisons with the capital and said developers should also promote TMT spaces to accountants, lawyers and others.
“Whether it is higher or lower than London is immaterial,” he said. “Every city should have start-ups. It affects other service industries that are providing support. Our customers need to realise this is a burgeoning sector and sell services to them and create a virtuous circle.”
damian.wild@estatesgazette.com
