After a number of years of economic instability, the UK economy is at last showing signs of improvement. UK retail sales grew by 1.1% in July, and were 3% higher than they were in the same month in 2012. The unemployment levels have dropped too, with a record of 29.78 million people employed in the UK – the highest since records began in 1971. Overall, the UK economy grew by 0.6% in the second quarter of 2013. In addition, the pound sterling has strengthened against both the US dollar and the Euro.
Within the commercial property industry, office building values rose by 0.5% in July. According to Phil Tily, managing director of Investment Property Databank, “Carney’s recent announcement regarding the Bank of England’s future monetary policy should continue to encourage investors in and towards commercial real estate”.
What does this mean for UK businesses?
Without wishing to appear overconfident, it seems that we are finally over the worst of the financial turmoil of the past few years. For business owners this is welcome news. Whether you are an international business looking to branch out into the UK, or a local company planning to establish regional offices, the time is ripe for pursuing growth and success.
However, after the recent downturn, many companies may not have the capabilities or resources to create their own office space from scratch. This is why flexibility is so important – flexible leases enable you to upsize or downsize your business without being tied to a long-term contract. In this manner, you will be able to adapt your business space as your number of employees grows.
Furthermore, renting out a serviced office means that businesses are not required to invest a large amount of capital for furnishings, office equipment, and services such as cleaning and catering. Instead, you simply pay a fixed fee each month to cover all of your amenities, which is far simpler and easier.
Where to start looking?
Many businesses aspire to be based in a capital city and none more so than the commercial hub of London. From the corporate Canary Wharf, to the digital hub of Shoreditch – Instant’s vast selection of commercial properties will enable you to find a location that suits your business needs.
Some of our prime London office buildings include The Gherkin, the Heron Tower, 3 Lloyd’s Avenue, the CityPoint business centre and 55 Old Broad Street.
If you’re looking at other cities in the UK, there are plenty of cosmopolitan areas to choose from. Manchester boasts the UK’s third largest urban economy, and is ranked as a beta world city by the Globalization and World Cities Research Network. Landmark office buildings include the award-winning Piccadilly Place, the Exchange Quay development, and Hardman Square.
Neighbouring Liverpool also has a lot to offer prospective businesses; the stylish Unity Liverpool development on Chapel Street is situated on a World Heritage Site, whilst The Plaza is a landmark building providing serviced office space in a popular area of the city.
Further north, Edinburgh, which has won the title of UK’s best city for 13 years in a row, is an ideal location in which to base your business. From historical buildings kitted out with all of the necessary tech, to luxury serviced offices and ultra-modern office parks, there’s something to suit every budget and taste.