The UK’s top ten areas to invest 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 now looking for cost-effective office space to attract top talent, improve productivity, increase job satisfaction and improve staff retention.
Following a 56% increase in searches for “office space UK”, 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 Yorkshire city, Sheffield taking the top spot.
The team developed a ‘Cost-effective Location Index’, ranking UK cities, towns & districts on different factors, including total population³, the average rent for an apartment, the number of commercial properties available⁵, the number of registered students⁶, the average cost of living and number of businesses registered.
The ranking reveals the UK’s top ten areas to invest in office space are:
- Milton Keynes
- Kirklees (Huddersfield)
The new research indicates that Sheffield, the ‘Steel City’ of the north, is where a business should consider investing. With a population of over 530,300, Sheffield has 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, making this the top place in the UK to invest in office space for 2022.
Taking the second spot is the World Capital City of Pop, Liverpool. Home to three universities (University of Liverpool, Liverpool John Moores University and Liverpool Hope University) and filled with a vast choice of pubs, nightclubs, festivals, coffee shops, and restaurants, Liverpool has a population of just under 468,000 and 63,290 registered students. The city has a higher cost of living (£669.04) and rent (£594.44) for employees compared to Sheffield; however, it has more commercial space, with 507 offices currently available to rent.
Two popular cities in Greater Manchester, Trafford and Salford, also made it into the top ten list, with both cities having the lowest average cost of residential rent (£248.92) and an average cost of living of £685.37. Already boasting a fascinating history, rich culture and the beautiful countryside of the North-West right on the doorstep, the figures prove there are also cost-effective factors of having a business within the North of England.
The only location in the top ten list from the south of England, Milton Keynes, ranked in 8th position with an average rent of £268.57 for employees and a total of 12,765 resilient businesses already located in the city.
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, Sheffield and many other northern cities have made the top ten locations to invest in office space down to a lower average cost of living, rent and the number of commercial opportunities available. There are thousands of commercial properties available for businesses to consider, but this 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 will therefore be a key concern as we work towards a better future.”