Landlords offer more in Leeds and Sheffield
Known for an industrial past, Leeds and Sheffield are on a journey of transformation into modern day business hub. Led through regeneration, public sector initiatives and private investment, the sought after attributes that modern businesses require are developing at pace in each city. Alongside a strong educational platform, the built environment is fundamental to this growth serving to both, increase amenity provision and importantly, create the type of office space that supports changing working practices.
2 minutes to read
For landlords and occupiers alike, the ‘right’ offer beyond a traditional office has become of critical importance. Innovative design is an increasingly differentiating factor, with breakout and collaborative space now prerequisite, supported by high-speed connectivity to allow flexibility. The provision of services inside the building is also a significant factor in location choice. The range is extensive but typically includes reception, security and housekeeping to more personalised requirements such as a gym, changing facilities and concierge. The property owners in Leeds and Sheffield that embrace a holistic view are the ones gaining advantage.
The desire for a more inclusive package from real estate stretches across industry type, although the rising concentration of creative industries in each city provides a good illustration of how the evolution of occupier focus is beginning to take effect.
Last year, firms under the ‘Tech’ umbrella, known for their quirky preferences toward real estate, supported approximately 60,000 jobs in Yorkshire, a rise of 30% since 2012. In Leeds and Sheffield, office demand from tech-biased companies accounted for 25% of all take-up. Electric Works in Sheffield has been just one recipient of some of the tech growth. Part of the Digital Campus, Electric Works has extensive onsite facilities which includes a helter skelter thus highlighting the need to differentiate to attract business. Acero will be next building at the Digital Campus with the 80,000 sq ft building, due to reach practical completion in Q3 2017. Similarly, Concordia Works in Leeds, a former yarn and cord warehouse, has created a fusion of original features and modern design, creating a dynamic hi-spec loft-style workspace. The interior design respects the integrity of the industrial past with tech occupiers Bark & Bite and Caldero now in occupation.
It is clear that, regardless of industry type the office fulfils a much greater role today, than offering just a suitable floor plate. Fundamentally, the office is now an extension of brand and a significant means by which to attract and retain talent. The ability for businesses to be able to sell a lifestyle to employees is now obligatory, with the office forming an integral component of the appeal of a location. The renaissance underway in Leeds and Sheffield means that both cities are taking stock of this changing business environment and are securing a position to support growth.
You can read more about how the region is developing in our latest Yorkshire Office Market Review here.