FIve Reasons to invest in Regional Offices
Regional offices have seen a mini boom in the market and across our portfolio, with a series of new lettings in North West-based towns such as Wilmslow, Altrincham and Didsbury. This is very positive news for the marketplace and suggests businesses are seeking growth opportunities with secondary locations and have more confidence in the economy.
In the last month or two, we’ve helped some new businesses seeking quality accommodation to grow into or to fit their new ‘back to office’ working ways.
Ian Hunter, director at Alliance, said: “The lettings underpin the strong demand for quality office space, and they are testament to our commitment to providing exceptional working environments in strategic locations, catering to the evolving needs of businesses.”
Spotlighting some of our popular regional office buildings, we’ve delved into the benefits of NW town and suburb-based workspaces and why regional offices will continue to be an important part of our offering.
- Strategic Locations
Alliance has operated in regional towns since its inception, with a great track record for developing and refurbishing business parks to individual office buildings across some of the North West’s best-connected towns.
We recognise market demand and value of town locations for many businesses starting up, growing and rolling out national networks. Since Covid-19, there has been a widespread trend towards working closer to home, with shorter commute times, with less travel and parking expense a big attraction for employees.
Alliance knows the North West region well; which towns and suburbs are connected to the main public transport and commuter routes, and which locations are earmarked for regeneration and growth opportunities.
The likes of Camellia House in Wilmslow, Stamford Green in Altrincham and Egerton House in Didsbury, all demonstrate the opportunity that regional offices bring to businesses.
- Amenities
A town’s offering is an important factor for businesses relocating. Employers recognise that their colleagues are attracted to workplaces and companies that create a balanced lifestyle, with shops, gyms, green spaces and restaurants within the office building or within walking distance.
Popular towns such as Wilmslow, Altrincham and Didsbury are vibrant destinations, with many high-quality leisure and retail outlets that drive footfall to the areas.
- Refurbishment Opportunities
Office buildings in towns offer lots of character, are various ages and styles, and not always what businesses expect themselves to be attracted to.
But if the location is right, landlords will continue to invest in their properties to ensure companies have the best quality workspaces that allow them to thrive and grow.
Since the pandemic especially, there is a limited stock of quality office space. This has presented the perfect opportunity to refurbish buildings in towns and to elevate their provision with co-working spaces and modern facilities that embrace health and wellbeing too, to maximise on a new era of office working.
- Cost-Effective Offering
For start-ups, businesses seeking growth or improved premises, regional towns tend to offer considerably cheaper rent per sq ft than in city centre accommodation.
Whether it’s a medium-term or longer-term business decision to base businesses in a town, the alternative does offer less financial risk whilst the economy is returning.
Post-Covid, some businesses are defining their new working format – hybrid, office-based, home-based – and town locations can benefit employers in the short term, offering better work/life balance with a more relaxed workplace environment, nurturing local talent, and helping keep their commuter times short whilst growing the business.
- Flexibility
Regional office accommodation needs to be available on more flexible terms for tenants, for all the reasons above. Floorplans and suite sizes are more adaptable to the tenant’s requirements, whilst providing modern communal facilities and meeting spaces that cater to modern business workings.
Shorter terms may mean a higher rate of turnover of tenants in buildings, but Alliance has taken advantage of a staggered refurbishment programme.
Partner with us
Our ethos is in our name, we thrive on building partnerships with like-minded property companies and investors. We share knowledge, experience and skill to create the best workspaces for our tenants, resulting in prime building values and return on investment for our partners.
If you’d like to work with us on your next office scheme, we are always welcome to new opportunities. We can be reached on 0161 868 4300 or info@propertyalliancegroup.com