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Sector Resilience in Office Space Sector Resilience in Office Space

Regional UK Office Market: Sector Resilience

14/06/2021
This research examines the resilience of key business sectors in the regional UK office space market and includes a UK Regional Risk Index.  

This Sector Resilience research examines and compares the exposure to risk for key business sectors, and the impact this risk will have on their decision-making process in relation to office space take-up in the UK regions.  

We weigh the exposure to sector risk in each of the UK’s largest regional cities to create a ranking, the UK Regional Risk Index. 

The research analyses the following industries: 

Financial ServicesManufacturing & EnergyProfessional Services, Flexible WorkspaceMediaInsurancePublic SectorLegalTech

 

Key findings

  • Office-using businesses are facing increasing risk from Brexit and COVID-19 related uncertainty
  •  There are a number of key business sectors that are less exposed to risk, or in other words, more resilient than others.
  • UK cities with less exposure to the riskier sectors may experience an earlier and stronger return of occupier demand post-COVID while those with increased exposure may take longer to return to pre-COVID levels.
  • Cities with dominant low-risk business sectors in the take-up profile could see a relatively early return of occupier demand. 

 

What are the business risks to the UK’s largest regional office markets?

Cushman & Wakefield identifies the current four risks prevalent across all office markets as: 

Sector Resilience Body Image

  1. Competition - The sensitivity to competition from disruptors, innovation, online rivals or overseas businesses.  
  2. Location - Sensitivity to cost-saving pressures of moving outside traditional geographic locations, either within the UK or to an overseas location. Brexit is a key example of this, as is the impact of working from home policies in response to the pandemic.  
  3. Regulation - Sensitivity to revenue loss from regulation and compliance challenges, either from within the UK or from overseas. Again, Brexit is a key example of this, impacting certain sectors more than others, such as Financial.  
  4. Economic - Sensitivity to changes in economic growth, either from normal cycle movements, or from other phenomena (e.g. COVID-19).  

Read the report to find out how each regional UK city and sector scored, and which we found were the most resilient. 

MEET THE TEAM

Ben Cullen - London
Ben Cullen

Head of Offices, UK
London, United Kingdom


+44 207 152 5024

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Charles Dady
Charles Dady

International Partner
Uxbridge, United Kingdom


+44 207 152 5273

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Scott Rutherford - Birmingham
Scott Rutherford

Partner
Birmingham, United Kingdom


+44 121 710 5785

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James Thomson
James Thomson

Partner
Edinburgh, United Kingdom


+44 131 222 4545

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Jason Winfield
Jason Winfield

Head of Capital Markets, UK
London, United Kingdom


+44 207 152 5920

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Andrew Tyler- London
Andy Tyler

International Partner, Head of London & South East Office Leasing
London, United Kingdom


+44 207 152 5250

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James Meikle
James Meikle

Head of London Occupier Representation
London, United Kingdom


+44 203 296 4206

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Services

Offices

Cushman & Wakefield is a leading advisor to occupiers, investors and developers of office space across the UK & Ireland.

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The flexibility and all-inclusive nature of serviced offices makes them a potentially invaluable resource for organisations in any sector.

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Whether you are a landlord, investor, occupier or operator, our market-leading team of experts can reveal what’s new in the flexible workspace sector – and what it could mean for your business and buildings.

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Our Occupier Representation team will support you through the entire process of your search for an office space, from the beginning all the way to signing the lease and fitting out your new premises.

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