NEW research has ranked Warrington the 4th best place for a new business location when it comes to office space.
With new town centre office developments like The Hive in the former Co-op building on Sankey Street and the biggest business park development in the North West at Birchwood Park, Warrington makes a perfect location for a new business to locate.
When businesses are searching for a new office location, they tend to underestimate the importance of that location being attractive to their employees. Neglecting this factor can lead to significant costs, including reduced productivity, diminished job satisfaction, and the departure of valuable team members.
Co-working space provider Flexioffices looked at which cities perfectly balance satellite office costs for employers with accessibility for employees, using six precise metrics. These were commute times, public transport links, quantity of work station, cost of workstations, the talent pool available for the employer, and how productive a city is. Data was sourced from Flexioffices and Gov.UK data.
The research revealed the top 10 cities for new business premises are:
1. Manchester
2. Portsmouth
3. Blackpool
4. Warrington
5. Southampton
6. Edinburgh
7. Coventry
8. Aberdeen
9. Liverpool
10. Leeds
Michael Dubicki, MD of Flexioffices says, “When considering the future success of your business, never underestimate the profound impact of choosing the right office location. It’s not just about bricks and mortar; it’s about cultivating a workplace that inspires your team and fosters productivity.”
More information on each of the metrics Flexioffices chose to conduct their research can be found below:
1. Access to Talent Pool
One of the primary reasons businesses select specific cities for their offices is the availability of a skilled workforce. The talent pool in a city can significantly impact your recruitment efforts and the long-term growth potential of your company.
Cities like Nottingham, Newcastle and Manchester were found to have a high percentage of students about to enter the workforce. Many of them will have roots in these cities and will be searching for jobs in the area.
2. Commute Times
Commute times can have a profound effect on employee morale and productivity. A lengthy and stressful daily commute can lead to burnout and decreased job satisfaction.
Milton Keynes came out on top in this category, being the only UK city to average a commute time of under 20 minutes. Then came Peterborough and Sunderland with commute times of under 24 minutes.This is 10 minutes faster than Nottingham, which had the longest commute times out of all cities outside London.
3. Accessibility
1.8 million brits use some form of public transport to get to and from work every day. Having multiple stages to your journey, or waiting a long time between services can make your workday far longer than it needs to be.
Choosing to situate an office in Birmingham, Sheffield or Glasgow means that those commuting via public transport have more choice in how they get to work every day.
4. Cost Considerations
The cost of office space can vary significantly from one city to another. While major cities like Edinburgh offer workstations at £600 per month, you can find far more affordable options.
Cities like Coventry and York offer workstations at half the price and are just as high a quality as larger cities. Careful consideration of your budget and long-term financial planning is essential when selecting an office location.
5. Business Ecosystem
Cities often have their unique business ecosystems and industry clusters. Being part of a thriving business community can open doors to partnerships, collaborations, and networking opportunities that can fuel your company’s growth
For instance, cities like Leeds and Birmingham have well-established business communities, making them ideal for specific industries.
6. Future Growth and Expansion
Consider your long-term business goals when selecting a location. A city that offers strong infrastructure and a history of accommodating business growth can be a strategic choice.
If you need a high number of offices to grow your business, look no further than Birmingham, Nottingham and Manchester, all of which were found to have over 50 available Flexioffice locations at the time of analysis.
The table below shows the full index data including the number of points given to each city based on how it ranked out of the original 40 cities. The fewer points received, the higher the city ranked and the better it is overall.
