The new Prime Minister, Andy Burnham, has created No10 North, which is expected to stimulate an increase in office space take-up in Manchester and the North West.
No10 North is part of a policy to devolve government power outside of London. A temporary office has been set up in Manchester council-owned Heron House in Albert Square, Manchester. The new prime minister will work in the No10 North office for part of the week.
Joe Rigby, northern director of Global Commercial Real Estate Services (CBRE) in Manchester, says that he is talking to several national and international organisations about significantly increasing the size of their office space in Manchester since the announcement of the formation of No10 North. He believes that the No10 North strategy will be a catalyst for Manchester’s economic growth. He said:
“I think it will supercharge confidence and it will absolutely help Manchester attract more international investors.”
Andy Wilson, co-chief executive of Northtree, says that having No10 North in Manchester will increase rental value growth for investors in office property. However, it may not increase new-build office development.
The long-term effect of No10 North on Manchester office development will largely depend on whether Labour wins the next general election. If they lose, the next political party that comes to power could abolish No10 North.
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