The Enterprise Economy: The UK’s Best Cities for Business (Infographic)

If you’re a budding entrepreneur, you’ll undoubtedly have a huge number of strategic decisions to deal with. Should you hire staff yet? What’s your marketing strategy and how are you going to get your product out there? How can you make sure your business continues to prosper for years to come?

Another decision that could matter more than you think is choosing the best location for your business. Although London offices might seem like the go-to choice for tech and digital businesses, research has shown only 50% of high growth startups survive after 3 years in the capital. With this in mind, it’s almost certainly worth casting your net further afield and exploring different cities around the UK. Other cities offer better survival rates for new businesses, and are becoming thriving centres for business in their own right – just think of the so-called Northern Powerhouse!

To help you become better informed about business prospects in cities all around the country, Total Processing have compiled all the essential data you need. Using data from The National Office for Statistics, they’ve put together the following map which looks at business activity growth in regions across the UK, from Aberdeen all the way to the English South Coast.  They’ve also collated data on business survival rates in all of these cities, so you can see where new enterprises struggle the most (and where they thrive!)

So, if you’re looking to find the best location to rent an office, make sure to check out the infographic below!

Birmingham Business Park

Birmingham Business Park is a 17-acre development located within easy reach of Birmingham International Airport and 12 miles east of the city centre. This site is owned by Canmoor Asset Management and Black Rock and is currently the place of employment of over 7,000 people.

Office space at Birmingham Business Park features a mix of conventional and flexible space arrangements, and is split over 300 buildings, although this figure is likely to increase in the future, as additional office developments eventually come to completion. All in all, there are 2.4 million square feet with planning consent at the park, and nearly 400,000 of those have been earmarked for future commercial / mixed-use development.

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Quorum Business Park

Quorum Business Park is a large commercial property development located 4.5 miles north of Newcastle city centre. The park has been built on what was the North Tyneside Enterprise Zone until 2006. The site itself contains over 1 million square feet of commercial space (suitable for both office and retail), and is surrounded by nearly 50 acres of parklands. At the time of writing, there were 16 office buildings at the park, 7 of which were fully let. The remaining buildings offer office accommodation ranging from 500 to 104,000 square feet. Moreover, building Q16 offers office space on a per-desk basis.

In 2009 – 2010, a number of large companies began to move in, and to this date park tenants benefit from special incentives and support, such as the North East Investment Fund, North East Access to Finance, and the North East SME Innovation Programme. Quorum has also attracted an international pool of talent, as staff working at the park come from 65 countries.

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Top Five TED Talks For Business Entrepreneurs

Success is the ultimate aspiration of business owners and entrepreneurs. But what exactly does it take to succeed in today’s competitive business environment? While there is no single recipe for success, the TED talks listed below can help you position yourself on the right track.

1. How To Get Your Ideas To Spread (by Seth Godin)

Seth Godin’s entrepreneurial credentials are strongly established, as he is widely acknowledged as a marketing guru. Godin is qualified to speak on the relationship between entrepreneurship and marketing, and in this talk he challenges conventional wisdom by affirming that it is not always the best ideas that are successful, but rather the most widely spread ones. He suggests that mass marketing is not suited to the needs of modern consumers and entrepreneurs should instead target audiences that care about a product or idea. Godin then offers some real-life examples of how successful entrepreneurs spread their ideas among the right audience.

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Creative Workspaces In Birmingham

With a combined GVA of nearly £700 million, there is no doubt that the creative sector is one of Birmingham’s economic pillars. In only six years, the local creative industry has gone from employing 20,000 people to providing more than 34,000 jobs, and the number of creative businesses in the city has grown from 3,400 in 2010 to nearly 6,000 in 2016. Such a booming industry needs suitable space, which is readily available at some of the top creative workspaces listed below.

1. The Old Print Works

The Old Print Works is located in a heritage building just a short drive away from Birmingham city centre. This is a space that markets itself as being ideal for makers, designers, creators, artists, and anyone interested in developing creative and sustainable solutions for the local community. There are 40 creative work units and studios for rent at The Old Print Works, which also include access to five different communal areas (including a lunch room, courtyard, garden), where creative professionals can mingle and network. The Old Print Works also offers affordable co-working space at The Transfer, where daily, weekly, and monthly memberships are available.

2. Assay Studios

With a central location in the heart of Birmingham’s Jewellery Quarter, Assay Studios is often regarded as one of the most innovative workspaces in the city. The studios are located in a Grade II building and have been recently renovated and redecorated to include a mix of new and old fixtures and fittings. The redevelopment project has been successful enough to attract high-growth creative companies like Deliveroo, Green Room Detail, Grayling, and Emerald Technologies. Facilities include a fully equipped kitchen, showers, break and meeting rooms, and bike storage.

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The Cost of Renting Office Space In Edinburgh

Edinburgh has a thriving economy whose diversity and scope for growth attracts FTSE 100 companies and other large firms mainly in banking, insurance, finance, media, and technology. Since all these are office-based industry sectors, the demand for office space in the city is robust, and in fact Edinburgh is one of the six most important commercial property markets outside London. But how does demand affect office rental values in this Scottish city? Read on to find out.

Trends Affecting Office Rental Prices In Edinburgh

The TMT sector has recently become the most important forces driving the growth of the local office market. During the first three months of 2017, this sector accounted for nearly 33 per cent of all office take-up in the city. Education is another key occupier of office space in the city, mainly due to the presence of four prestigious universities.

With increasing demand from high-growth sectors comes diminishing availability, so scarcity may become drive office rental prices up within the next couple of years. Moreover, a considerable amount of lease expires in the 2017-2018 period is likely to cause spike in average rents. While rental increases are not expected to be too drastic, they may exceed the £35 / square foot mark by the end of 2017.

Edinburgh Office Prices By Area

According to researchers at Knight Frank, headline office rents across the city average £33 / square foot. Incentives like rent-free period of 18 months for 10 year leases are common, which brings the net effective rental value down to £28 / square foot.

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London Office Market Trends – First Quarter 2017

The London office market started the year marked by uncertainty and expectation about how the economic and political developments of 2016 would play out in the medium term. In this article we look at the key figures and trends that have defined the market during the first three months of the year.

London Office Market Q1 2017: Facts and Figures

The most important transaction during the first quarter of the year was the 15-year lease of floors 1 to 7 of 21 Lime Street. This deal is also worth mentioning as it seems to buck the current trend of insurance companies moving out of the City, where vacancy rates increased to 5.7 per cent. This increase can be accounted for by the growing number of occupiers who are now relocating to other areas, mainly the Docklands and Southbank, where construction activity is reaching record levels having experienced year-on-year increases of over 660 per cent.

Take-up rates increased monthly during the first quarter of the year, reaching a maximum index of 1 million square feet in February. This figure represents a 92 per cent increase over the previous quarter.

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UK Triggers Article 50 – What Does This Mean For Your Business?

On 29 March 2017, the British Prime Minister officially initiated the Brexit process by triggering Article 50. This was surrounded by much speculation and uncertainty about the impact it would have on the country’s economy and at a smaller scale, on the day-to-day of UK businesses. Although according to EU legislation, many things could still change during the upcoming negotiation process, the general consensus is that the implications of Article 50 will mainly affect trading relationships, access to human capital and to funding, and the free movement of services.

Article 50 and the UK-EU Trade Deal

The EU is the UK’s main trading partner, so determining the future terms of the trading relationship between both parties is paramount to many business groups in the UK. The negotiations could take up to 5 years to be finalised, and in the meantime, a temporary or transitional arrangement may be needed.

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How Large Corporations Are Changing The Way They Think About Flexible Workspaces

Until very recently, the concept of flexible workspace was perceived as a niche sector of the commercial property market that mainly catered to freelancers, remote workers, and small start-ups. However, this understanding of flexible workspace seems no longer accurate in view of recent trends that show how this type of office space is becoming increasingly attractive to large corporations.

In a relatively short period of time, we have witnessed how blue-chip corporations like HSBC, KPGM, and Microsoft have acquired flexible workspace in London and incorporated it into an important part of their corporate culture. Since 2012, more than 4.5 million square feet of flexible office space have been taken up across the city. Other reports confirm the unstoppable growth of this type of commercial real estate in the British capital, as some of the main providers are already worth millions of dollars, and flexible workspace now accounts for 25 per cent of the portfolio of some traditional office space providers.

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Is Dublin Becoming a Serious Challenger to London in Regards to Office Space?

Soon after the EU referendum vote, the Irish capital began making headlines as eyes turned westwards and Dublin emerged as a potential prime destination for companies considering relocating their London offices elsewhere in the EU. In fact, Dublin is already home to some large corporates in many high-value sectors, such as Citibank, Bank of America, JP Morgan, Google, LinkedIn, and Facebook.

Many of these companies (and others who are contemplating a possible relocation to Dublin) have chosen to be based here given key benefits like low corporation rates, a transparent and highly competitive tax structure, and flexible labour laws. Moreover, the Irish executive has recently introduced a tax relief scheme available to US investors looking to relocate their offices to Dublin and other Irish cities, and campaigns like TechLife Ireland are positioning the country high up in the global tech scene. Lastly, Dublin is experiencing a commercial construction boom, which will result in over 12 million square feet of new office space added by 2021. In the minds of office occupiers and investors, all these factors converge into one question: Is there any truth to Dublin becoming a serious challenger to London in regards to office space?

If we look at recent facts and figures, we can spot many similarities between both capitals:

- There are currently 39 office buildings under construction in Dublin, 33 per cent of which are pre-let, and developers have planning consent for an additional 97 office buildings. London also has a high number of high rises in its development pipeline – 199 to be exact.

- Strong demand for office space in Dublin is causing vacancy rates to decline steadily and rental values to increase. Vacancy rates currently average 9 per cent, but are forecast to drop to 7.9 per cent by the end of the year. A similar trend has been observed in London, where availability remains tight.

- Demand for flexible and shared office space is on the rise with occupancy levels at 90 per cent. At 900 Euro / workstation, prices in Dublin are already on par with those in London, which is considered the world’s largest co-working market.

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