Businesses outside London are being boosted by an office-building boom in the capital. That’s the message from a recent report from one of the leading firms of global accountants and auditors. According to the report London benefits from a £600m boost each year from major office construction schemes. However, this is dwarfed by the £1.1bn contribution that those same schemes make to the regional economies particularly in the goods and services industries. As reported in a number of sources, the investment in office-building schemes in London is creating a direct benefit across the country. It is estimated that the 12,200 jobs created in London are supported by 22,400 jobs created outside London. This growth is driving demand for UK office space and general business premises.
Companies looking to leave the capital and base themselves in offices outside London are benefiting from an unexpected helping hand from the very city they are leaving behind. It transpires that 84% of the investment in new office developments in London is spent with UK businesses outside London. Benefits have come in the shape of goods and services purchased during the design, construction and preparation of the sites themselves and on-going maintenance and development of new and existing sites. The report doesn’t take into account whether those companies basing themselves in these new offices decide to draw-in resources from the regions in addition to this boost.
Certainly as the recovery begins to gather pace demand for office space outside London has started to rise. Many of the more popular locations are starting to see waiting lists and competition for the more desirable locations. Companies wishing to explore the possibilities on offer in the regions need to bear in mind the need for good transport links – just as they would in the capital. Whether, expanding, relocating or establishing your first office, you will need to make sure that your office location offers easy access for clients, customers, staff and suppliers alike.
Source: Pearl & Coutts
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