As flexibility in the workplace becomes more prominent via government policies on flexible working hours and increased focus on the future of work, it isn’t always necessary to locate yourself in The Capital to be surrounded by the best resources.
One area which is thriving from this outlook on locale is ‘The Triangle’ which joins Oxfordshire, Cambridgeshire and London, encompassing Hertfordshire, Bedfordshire and Buckinghamshire. Search Office Space data shows that in this area by October 2014 there had already been a 12.3% increase in requirements for office space compared to that for the whole of 2013. This increase has been largely dictated by the massive 21% increase of requirements for 1-2 workstations in comparison to minor increases for larger spaces, showing that start-ups are a driving force of the office market.
Percentage difference between requirements for Jan-Dec 2013 to Jan-Oct 2014.
This comes as no surprise for this area of the UK as it contains Cambridge, a city which is still attracting and retaining the largest quantity of Tech start-ups outside of London. With the global prowess of Oxbridge providing a plethora of potential employees from a range of disciplines, proximity to candidates is a powerful tool for recruitment. This alongside the excellent transport links both into London and UK wide (comprising of major train lines, motorways and an airport) suggests why this location continues to increase in popularity.
There is potential limitation for business growth in ‘The Triangle’ and it stems from residential prices, with the area including cities that continue to dominate lists of the most unaffordable places to live in the UK. As a lot of ‘The Triangle’ consists of green belt land, calls are being made for some of this land to be released to provide affordable housing which will inevitably support employment growth and enable companies to expand without relocating.
With FTSE 100 companies including Tesco, GlaxoSmithKline, and ARM Holdings occupying significant space and the continuing influx of companies from all sectors, ‘The Triangle’ offers a melting pot of knowledge, expertise and opportunity that will continue to attract and support start-ups throughout the next year.
‘The Triangle’ Requirements by Sector Jan-Oct 2014