Improved access to talent and unparalleled regional collaboration between business, education and government were the key takeaways from a CoreNet Global UK Chapter seminar on ‘northshoring’ held at the Houses of Parliament last week.
As the Chancellor of the Exchequer announced the final Budget of this parliament in the House of Commons last Wednesday, a few feet away CoreNet Global’s UK Chapter Strategy & Portfolio Planning group – chaired by Cushman & Wakefield EMEA Account Management partner James Crisp – hosted an event to explore location strategy in the UK with a particular focus on the current trend known as northshoring.
Cushman & Wakefield’s head of EMEA Research & Insight, Polly Plunket-Checkemian, moderated a panel debate at the session which included Lindsay Phillips of Hewlett Packard, Accenture’s Bob Paton and Bryan Taylor from Balfour Beatty. Hewlett Packard and Accenture have five buildings between them at Cobalt business park, while Balfour Beatty has buildings at Cobalt and Quorum in North Tyneside. The three companies shared their experiences of relocating to the North East while analysing critical success factors and processes in undertaking location planning.
Polly Plunket-Checkemian said: “Access to quality talent in the North East is continuously improving. There is now a very effective partnership in place between business, education and local government to ensure skills are being developed for the longer term. This will bring some of the ‘emerging’ industries to life in a region where the knowledge economy is sitting comfortably alongside manufacturing. Businesses are actively partnering with schools and universities to ensure the curriculum is relevant, stretching and appealing.
This unparalleled regional collaboration between local and central government, academia and industry is helping the North East navigate the ‘new economy’ and the challenges it faces in terms of speed of change amidst an increasingly competitive environment across the UK.”
James Crisp added: “Despite improving economic sentiment, which continues to ripple outwards from London, the UK regions still provide potential for reduced salaries and significantly lower office occupancy costs. While London will remain the location of choice for many corporate headquarters, rising rents and business rates – coupled with a tight supply of modern office accommodation – are prompting more occupiers to consider moving certain operations to the regions; a trend we have witnessed in previous cycles”.
North Tyneside MP Mary Glindon sponsored the event which enabled Parliament to be used as a venue for the seminar. The session saw 60 CoreNet Global UK Chapter members and guests attend alongside Cushman & Wakefield’s head of UK Business Space Charles Dady.