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All aboard for onshoring and canal cruises in Birmingham

All aboard for onshoring and canal cruises in Birmingham

🕔03.Nov 2016

A Cushman & Wakefield report has this week re-confirmed Birmingham is high on the wish list for firms looking to re-locate away from the spiralling costs of London, with an onshoring trend sweeping across the UK’s regions in the era of devolution. Hannah Green reports. 

Recruitment of talent was the core driver in recruiting away from the capital, with rising office rents and more affordable wage costs also featuring as key influencing factors for businesses.

Whilst this is not ‘new’ news to Files readers, as we’ve almost tirelessly reported on such re-locations to our city, Cushman & Wakefield has detailed some nifty figures focusing on the aforementioned relocation drivers for businesses such as rent, wage and talent, albeit from their real estate perspective:

cw-prime-office-rents

cw-weekly-earnings

 

It is also interesting to note that 53% of students are choosing to stay and work in their city of study, highlighting the key role that universities, alongside the top firms in the region, can play in retaining talent here in Birmingham and the wider WMCA region.

cw-study

As quoted in the report by David Tonks, MRICS Head of Birmingham Office:

The potential cost savings that can be secured by relocating into cities such as Birmingham are widely recognised by employers from a wide range of sectors but the potential financial benefits are only part of the wider decision making process.

The ability to draw skilled staff from a working population of 4.3 million people within an hour’s travel time of Central Birmingham is proving to be a key consideration when comparing Birmingham with alternative regional destinations… an improved food and beverage, retail and leisure offer is [also] an important consideration to those staff part way through those careers considering their employment options and the 25,000 graduates in the region every year.

It is increasingly apparent that the clustering of fast growing ambitious businesses will be an important part of Birmingham’s continued renaissance which will be helped by the high quality and diverse development pipeline in the office, retail and industrial sectors.

Bristol, Newcastle and Manchester were also featured as favourable re-location destinations in the article for similar reasons.

Birmingham’s popularity was also echoed in recent news that the city’s hotels recorded their best August and September occupancy levels since current records began, as well as Marketing Birmingham securing VisitEngland funding for canal-based holidays, working with partners across the Midlands region to deliver various waterway itineraries.

These high hotel occupancy levels and investment in British canal tourism are being billed as another key indicator of the impact of June’s EU referendum vote, with more Brits staying onshore for holidays amidst turbulent times for the pound.

However, all this Brexit stuff will surely settle down soon won’t it? Hang on…what’s this about the High Court and Article 50?

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