With London now world’s most expensive city for office space, it’s no surprise that there is a renewed interest in other United Kingdom (UK) commercial business locations. Positive signs of a recovery in the UK commercial property market are being driven by a combination of strong demand and growth in certain regional markets. For those relocating, expanding or needing start up office space, commercial specialists Pearl & Coutts say renting outside London could save money – and open up more opportunities.
With the economic downturn causing havoc in many key markets since 2007-2008, there have been those who have pointed to a ‘two-speed’ nation. Earlier this year the concept of London ‘soaring’ ahead as the rest of the country faltered was eagerly grasped by the national media. Reports insinuated that the South East would be the only part of the UK where businesses and individuals were likely to prosper in the coming months. London was also touted as the sole location where any serious business property development was and would be taking place. However, the picture on the ground is altogether different according to Pearl & Coutts. More and more companies are reporting renewed confidence in trading outside the capital. And more and more are taking note of industry research which suggests that London has become the number one most expensive location to do business in - as far as rent for UK commercial property are concerned.
This month industry research revealed that investors had enjoyed some of the highest returns since the second quarter of 2011 from investment in UK office space and other commercial premises. Capital values appear to have strongly increased over the second quarter this year. Rents in prime locations are also acknowledged as improving throughout the UK. Companies are now actively looking beyond the capital for business premises which serve their core business needs but keep overheads under control. Whilst for some a London address will be essential, for many there is simply no justification for paying over the odds for a post code that will not guarantee increased sales.
“We work in a number of key locations across the UK to meet the demand for office space outside London. To put it simply, our team help businesses find viably priced premises that will work for their unique needs. That could be in London – or outside it. And even then, there may be companies and individual traders who perhaps think they need to be in the heart of a major city. We often find that actually they’ll save a great deal of money in another location - without losing out on trading opportunities. Not only that, but a more strategically planned location works out better from a operational point of view. It’s about offering viable alternatives, looking at the most practical, cost effective solutions,” said a spokesman from Pearl & Coutts.
To find out more about how Pearl & Coutts source UK office space for businesses, call their team on 020 7843 3788. Their current commercial property to rent can also be viewed online at Pearl & Coutts