Following our previous report on Manchester’s status as one of the fastest growing cities in Europe, the city continues to present itself as an attractive area for the tech sector to grow. Manchester secured US$687.6m in venture capital investment in 2019, which is an increase of $199m, from 2018. This puts the city second to London when it comes to tech investment, overtaking Cambridge for the first time.
Manchester has a thriving portfolio of more than 10,000 digital and tech businesses, ranging from start-ups and SME’s to global brands including Google, Microsoft, IBM and Cisco. On top of this, the city has a growing reputation as eCommerce powerhouse, with companies such as Boohoo, The Hut Group, Autotrader and many more taking full advantage of the infrastructure readily available to them.
Additionally, recent years has seen world-leading eCommerce companies like Amazon, Moonpig, MoneySuperMarket and Booking.com joining the numerous homegrown companies in the city.
Now, there are almost 3,000 eCommerce and related companies based in Manchester, which is 1,000 more than the next regional city. But what makes Manchester the ideal location for these businesses?
Investment into the city continues to make Manchester a great prospect for people to live and work. Manchester’s commercial and residential property landscape continues to evolve as more people seek to live in the area.
In September, it was reported that a further £1bn is to be invested in the city’s by leading developers, signalling a real statement of intent in the belief that Manchester can become a global hub.
Additionally, the city was awarded a £3m innovation fund by Greater Manchester Local Enterprise Partnership (LEP) and Greater Manchester Combined Authority (GMCA) in response to the COVID-19 pandemic. The grant will continue to stimulate innovation during a period of uncertainty, safeguarding Manchester’s reputation as the tech capital of Europe.
Manchester is one of the best connected and most accessible cities in the UK. The city centre is linked to an expansive motorway network, with the M60 and the city ring-road making getting around the city itself or the wider region incredibly easy. What’s more, the Metrolink provides a straightforward service to the majority of the boroughs, and even Manchester Airport – ideal for commuting to work and an appealing prospect to young professionals to navigate the ever-growing city.
The international airport serves over 210 destinations and provides opportunities for the UK to global markets and vice versa. The airport is crucial in providing connectivity expected for a city with ambitions of becoming a global city, allowing more than 27 million passengers to travel to destinations including 14 US cities, Middle East hubs, Beijing, Singapore and Hong Kong.
Manchester is full of people who have the skills that digital and technology businesses need to succeed, with 86,000 people currently employed in the city’s technology, creative and digital industry. These fast-growing tech companies employed more than 100,000 in 2019 according to ONS, Tech Nation and Adzuna. Alongside this, there is still ample growth, with a high demand for talent across a number of companies in the city. For example, there are over 3,000 IT vacancies across the city alone, with 4,235 open jobs across Greater Manchester.
For Greater Manchester’s tech sector to sustain its impressive levels of growth and reach its massive potential, Skills Audit has estimated that an additional 22,000 roles by 2035 will be required. Fortunately, Manchester universities produce a stream of highly-skilled graduates acting as a sustainable talent pipeline. Furthermore, they conduct more research into ecommerce and its supportive fields than any other UK city outside of London.
As more tech companies are created, and as existing ones continue to expand, more young professionals will be attracted to the city. Manchester Council projects that at least 100,000 people will move to the city centre in the coming years.
As one of the fastest growing areas in the UK, with a demand for highly skilled workers and an ever growing infrastructure, now is the time to invest in the city. For more information about how you can invest in Manchester buy to let property, contact us today >>