Sheffield, Leeds, Bradford and Huddersfield make top ten list of cities where a business should invest in real estate according to new ranking.
Experts advise what companies should consider when investing in office space
Ways of working have drastically shifted over the past two years, with challenges presented for both business leaders and employees alike. As a result, organisations are looking for cost-effective office space to attract top talent, improve productivity, and increase job satisfaction and staff retention.
Following a 56% increase in searches for “office space UK”¹, a new study from office design and fit-out specialist Opus 4 identifies the top ten areas in the UK for businesses to invest in office space, with Sheffield, Leeds, Bradford and Huddersfield all making the top ten.
The team developed a Cost-effective Location Index, ranking UK cities, towns & districts on different factors, including total population, average rent for an apartment, the number of commercial properties available, the number of registered students, the average cost of living⁷ and number of businesses registered.
The ranking reveals the UK’s top ten best areas to invest in office space are:
With a population of over 530,300, the 'Steel City' of the north, Sheffield was crowned top, having one of the highest numbers of registered students in the UK (63,875) and an average cost of living under £630, with the average rent for a one-bedroom apartment, coming in at £571.88. Home to the oldest football stadium globally, Sheffield has over 390 commercial properties available to rent and already has 16,345 resilient businesses registered in the city.
Leeds, famous for being the birthplace of many famous people and brands, gained a position in the top 10 areas to invest in office space due to its large population (726,939) combined with a high number of commercial properties to rent (488), giving plenty of opportunities to choose your perfect space.
Bradford scored seventh on the list of areas to invest office space in down to having the second-lowest cost of living in the whole of the UK, at approximately £569.01 per month, as well as a very low average monthly house rent of £422.19 and high population of 483,422.
Huddersfield, a large market town in West Yorkshire, successfully made the seventh spot in the top ten areas to invest in office space with a bustling population of 388,807 and incredible educational facilities. Previously a prominent mill town in the Industrial Revolution, the area boasts 15,740 registered businesses and is a popular city to live in with an average monthly residential rent of £454.165.
Managing director of Opus 4, Daniel Blackburn, commented on the study: “Businesses across all industries have been significantly affected by multiple lockdowns, Brexit, stock shortages and broken supply chains over the past two years leading to a re-evaluation of budgets, rent and ways of working.
“Interestingly, nearly half of the top ten areas to invest in office space are Yorkshire towns and cities down to high populations, low costs of living and a vibrant community which makes it worthy to be invested in.
“There are thousands of commercial properties available for businesses to consider in the UK, but the location shouldn’t be the only thing on their mind.With hybrid working becoming the preferred way of working, the role of the office has changed. Office spaces are gradually adapting with creative and collaborative areas for teamwork and innovation, rather than a traditional space to complete day-to-day tasks. As a result, coming into the office is now seen as more of an ‘experience’ and office location and design should be a key concern as we work towards a better future.”